Luca Ferrari

Those in the middle, maybe even leaning toward good, are pattern recognizers.

But in the truly incredible ones, you sit with them, they're not saying, oh, you are the Uber of bicycle.

They understand almost the laws of physics to make a metaphor that makes so that the apple falls.

And that gives them certainly a lot of confidence, but also the ability to see what others don't.

Because ultimately, a lot of the time, good investment is not determining that something is good.

Like a lot of companies, most of us,

could tell they're good.

But if everybody or even quite a lot of people think they're good, probably the price embeds that goodness and it's not a great deal.

It is what it is.

It's like a lot of companies today in AI, again, I'm not going to name names, but some probably deserve their valuation, some will prove even cheap.

But most, even the good ones, are probably too expensive simply because everybody wants to invest.

So in a way, it's the same thing.

The truly outstanding investors will be able to find something that's really good, but few people think is good.

And the only way to do that is not to apply a pattern because by definition, if it fit a pattern, then it's either by the pattern or good by the pattern.

Everybody is on board.

It has to not fit the pattern and you have to find ways of determining it's good.

It's very difficult intellectually.

You need creativity, imagination, logic, rationality.

It cognitively is next level.

since some of the best are really good at understanding people, at discerning who's really smart and not promotional from those who are not so smart, but very good promoters.