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The edge in this business isn't picking stocks — it's picking the people who pick stocks.
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Due diligence isn't a checklist. It's a relationship. You have to understand how someone thinks under pressure, not just how they perform in a bull market.
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Liquidity is the one thing you can't buy when you actually need it.
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I'd rather have a portfolio of B-plus managers with great liquidity terms than A-plus managers who lock up my money for five years.
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Everyone wants to find the next great manager. The real skill is knowing when to leave the current one.