Some people might call these activities the proprietary aspect of research or the core to developing an edge.” As investors we can let the fear of what we might miss hold us back from spending our time developing insights. These insights require experienced judgment and the assessment of uncertainty rather than data collection.

So what should be our approach to understanding where we are now? For starters, we shouldn’t attempt to solve a mystery as if it were a puzzle. What matters isn’t collecting more facts than our competitors but continuing to develop a deep understanding of the world we live in.