1/ Bezos wasn’t speaking of investment managers here but may as well have been.
2/ “Good process serves you so you can serve customers. But if you’re not watchful, the process can become the thing.”
3/ “This can happen very easily in large organizations. The process becomes the proxy for the result you want. You stop looking at outcomes and just make sure you’re doing the process right.”
4/ “Gulp. It’s not that rare to hear a junior leader defend a bad outcome with something like, “Well, we followed the process.” A more experienced leader will use it as an opportunity to investigate and improve the process.”
5/ “The process is not the thing. It’s always worth asking, do we own the process or does the process own us? In a Day 2 company, you might find it’s the second.“
He does a great job describing why many thrive for one cycle, fail to evolve, and spend the next decade in runoff.
Striking a balance between being disciplined and adapting is very hard.
Who do you think are some day 2 investment managers?
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