That means, according to Beardsley, that only investment managers who can
deliver returns highly
uncorrelated to their benchmarks will survive.
Hopefully, a great story represents an above average long - term growth opportunity (or a catalyst, and / or a lower risk /
uncorrelated investment), a great stock ensures you invest in a company & management team which can actually leverage, exploit &
deliver genuine long - term shareholder value from this opportunity, while a great price requires you exercise the patience to buy (& sell) at the right time.