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!


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