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“One of the greatest sins in asset management is to be wrong on your own.” This has contributed to the many active managers becoming closet trackers and appealing to investors on a relative basis rather than delivering performance. In order to beat a benchmark you have to know your enemy and do the unexpected.

Focus on equal weighting rather than market cap, on concentration rather than diversification. Have conviction rather than hedge. Bet on quality rather than mediocrity. Identify where the crowd is going rather than follow it. Above monitor the consistency of trends.