RAC and NEU, page-11

To a certain extent. I certainly take market conditions into account when I choose to buy and sell, but I have never found it very useful to know what companies to buy and sell. All my biggest returns have come from doing analysis of the fundamentals and management and then waiting for the market to catch up.

One area I do need to work on is my tolerance of bad or incompetent behaviour by management. I am too willing to give them the benefit of doubt and have held when I should have sold. In real life giving those around you the benefit of the doubt is a good trait to have as or else you end up a misanthrope, but as an investor it is very dangerous.