One particularly interesting observation in the paper is the distinction between the strategies of hedge funds on one hand and other investors (individuals, private equity funds, venture capital firms, and asset management
groups for wealthy investors) on the other.
While I generally consider this advice to be wise, especially
for inexperienced
investors who should probably opt
for something like an index fund, working with a qualified advisor or, if they are
wealthy enough, an asset management
group, the problem comes from the fact that if you find a truly outstanding business — one that you have conviction will continue to compound
for decades at rates many times that of the general market, even a high price can be a bargain.