The distinction between an investment practice and investment business: A business gives to the customer what they want. The manager creates a product to fill a need. A practice, like a medical or law practice, is there to give a client what they need.

Attempting the Impossible

This was me about one year ago: In late 2019, I was talking to a smart and accomplished investor who I had known for several years. He was managing capital within a large group and was offered the chance to spin out and set up his own firm.

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