3Q23 Investor Letter
“We were constantly asked: how do you generate ideas? It's a simple question to which we found our answers not that simple. Sometimes, it's easy, as Peter Lynch has famously put it. Sometimes, it is energy-draining and intellectually challenging. It's a mental game we play.
Today's world differs from Lynch's. Lynch's corner store would have been known by many on the internet before he had the chance to visit. Informational advantages erode quickly, and quantitative cheapness and quality metrics are well exploited by machines.”