Professional Documents
Culture Documents
Introductions
o
Finding Inefficiency
All of the information is in the past,
but all of the value is in the future.
(Bill Miller)
Quantitative data
is efficiently priced
Qualitative insight is
less efficiently priced
Agenda
o Horses
and Jockeys
o Jockeys and Skeptics
o The Big Question
o Positively Skewed Managers
o Two Ideas
$300 billion
8
o Strangely,
o
o
10
A true statement
So, investors generally avoid business models
driven by acquisitions or capital allocation
o Most
o
o
11
12
13
Average
Corporate
Manager
Buffett,
Malone,
Rales, Flatt
14
15
Some stats:
o
o
o
16
17
18
19
Thank You.
Questions?
Pat Dorsey
pat@dorseyasset.com
312.233.2544
www.dorseyasset.com