Luca Ferrari

And so when you see a business has a strong track record and someone explains to you in a way that makes sense, it's not just a good story, but it makes logical sense.

That's a huge indication that probably there's something there.

First of all,

you now know why things have worked out and you can determine whether they're likely to continue working out.

And secondly, if you're investing in someone who's made good decisions for the right reasons, not just out of luck, they're just more likely to navigate the future variables that will be thrown at them better than most.

I know investors who invested, for example, in Amazon in the early days,

who told me one particularly, who told me that the main reason why he did, and he made a big bet on it, and it was a huge success, he didn't believe in the e-commerce model and all that, but he believed that very few people he had ever met had the clarity of thought, the rationality of Jess Bezos.

And so a model he believed had legs, coupled with a person he thought was a brilliant leader, a very bright problem solver, that alone set that opportunity apart from a lot of other stuff.

Yes, it would be difficult to

have wide margins for a long time, but he was confident the company would be much better than at least it was priced at the time.

So I think understanding people and their cognitive abilities is quite difficult, requires in and of itself great cognitive abilities.

I find that if someone is eight of the 10 smart, they can only discern the sevens from the sixes from the fives, but the eight and a half, the nines, the tens for them look like the same, like a big batch of, oh, they're so smart.

And so to be able to distinguish the 10s from the 9s and the 8s, you need to be probably close to a 10 yourself.

Of course, experience and other elements too, which make it very difficult.

They're not just brilliant from a point of view of logic and analysis, but also rationality.

Trying to really ignore this person who's really pleasant or charismatic.

Yes.

park it.

What's really beneath that?

It's difficult.