A Game Changer, page-58

It is easy to say a company like ISD is "crap" in hindsight, but when it came to the public markets, investors could only see roses and bid up the shares to outrageous levels over the next couple of years. There was a lot to like about the company at the time too.

Anyway, I wasn't drawing a comparison between the businesses. I was just using it as an example of crowded/overcooked institutional positioning which unravelled very quickly and spectacularly.

There are plenty of other examples of companies that were reporting strong growth for reasonable periods and then came unstuck as their overt propensity to "buy" revenues by undertaking poor acquisitions (often saddled with debt). The ultra-bullish institutional position exacerbated the subsequent crash as they all stampeded for the exits. VOC and SDA are two good recent examples.

I prefer it if the companies I hold fly under the radar, doing their work in the shadows over long periods.