Idea generation, in the investment business, has always been something of a dark art. Some managers prefer stringent quantitative screens to generate ideas. Others keep a narrow band of expertise and choose only to invest in particular niches. Then there are the generalists, who simply hunt in open territory for the best ideas. Each specialization requires specific frameworks to be successful, but the point is this: idea generation has always been—and will always be—part art, and part science.

“For those of you who know me well, you know that this work—investment research— is all I do. I probably spend 60, maybe 80 hours a week purely on research. Gave up golf about a decade ago. No more meetings. I’ve devoted myself to this enterprise. And I love it.”