“Groups are only smart when there is a balance between the information that everyone in the group shares and the information that each of the members of the group holds privately.  It’s the combination of all of those pieces of independent information, some of them right, some of them wrong, that keeps the group wise.” […]

“Before figuring out how you will win the game, figure out which game to play.” – Michael Maubossuin   In the traditional analytical framework of investing, a share of stock is valued as the net present value of all the free cash flow of a firm (based on an appropriate discount rate) divided by the […]