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Jim Chanos

“… numerous studies have shown that most rational people’s decision-making breaks down in an environment of negative reinforcement… You’re basically told that you’re wrong in every way imaginable every day. It takes a certain type of individual to drown that noise and negative reinforcement out and to remind oneself that their work is accurate and what they’re hearing is not.”

Source- Graham & Doddsville (Winter 2012)

East Coast Asset Management Second Quarter 2012 Update – The Beekeepers

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Competitive advantage is always top-of-mind and thus, fittingly, at the top of the hexagon. Of the six attributes of a great business, we will devote 90% of our intellectual horsepower to understanding if the competitive moat around the business is widening or narrowing.