Lessons on Grand Strategy

The business of investing is fiercely competitive. It’s like war – your competitors are your adversaries and the market is your battlefield. Over the long run, winners and losers will be determined, lines will be drawn, and the successful few will live to fight another day. To succeed, the leaders of investment management firms must have clearly defined strategies that permeate their organizations in order for both the business and its clients to prosper.

Lessons on Grand Strategy” is a short editorial piece by Charles D. Ellis (one of my favourite authors on investing) that draws parallels between success in investing and the famous works of military strategists Carl von Clausewitz, Sun Tzu and Alfred Thayer Mahan. While the target audience of this piece are the leaders of investment management firms, it is a fantastic editorial and very instructive for all thoughtful investors. Enjoy!


This post is presented for illustrative and discussion purposes only. It is not intended to provide investment advice and does not consider unique objectives, constraints or financial needs. Under no circumstances does this post suggest that you should time the market in any way or make investment decisions based on the content. Select securities may be used as examples to illustrate Burgundy’s investment philosophy. Burgundy funds or portfolios may or may not hold such securities for the whole demonstrated period. Investors are advised that their investments are not guaranteed, their values change frequently and past performance may not be repeated. This post is not intended as an offer to invest in any investment strategy presented by Burgundy. The information contained in this post is the opinion of Burgundy Asset Management and/or its employees as of the date of the post and is subject to change without notice. Please refer to the Legal section of this website for additional information.

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