A: I’ve spent lots of time researching ideas that I never bought. I’ve flown to foreign countries, met with CEOs and not bought the stock. It’s just the way investing works. You have to enjoy looking at businesses, just for the sake of learning. It’s part of the adventure. It’s fun. And go into it with the idea that whatever knowledge you gain may not pay off for years - maybe never!
But what about an idea I already own? Can I lose objectivity? Probably! I think you have to keep testing it against your thesis. It’s a tricky problem. And yes, I think there is a tradeoff between going wide and going deep. I’m a one-man band. There are only so many hours in a day. So, I have to pick and choose my projects. I am more on the deep side of things than wide. But it works for me, because I only need 10-12 names. And I’m not turning over my portfolio much. (So far this year, turnover is zero).
~ Chris Mayer, "Q&A," Woodlock House Family Capital Blog, September 12, 2023
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