Been studying management as a value driver for the past year. One of key takeaways - what really matters is not how good management team is in absolute terms, but how good management team is RELATIVE to management teams of competitors.
Potentially great setup: outstanding management vs mediocre management (example: Lisa Su vs Krzanich/Swan)
Great management competing with great management is always a big puzzle (example: I'm a big fan of Slack's Butterfield, but his competition is an outstanding MSFT's Nadella!)
Be careful going long companies, whose competitors are run by some f*cking wizards
Even mediocre management can be a part of long thesis if competitors are complete idiots: "In the land of the blind, the one-eyed man is king"
• • •
Missing some Tweet in this thread? You can try to
force a refresh
