have in common; by reading the managers’ commentary, you may get
ideas on how to improve your own approach.^3
No matter which techniques they use in picking stocks, successful
investing professionals have two things in common: First, they are dis-
ciplined and consistent, refusing to change their approach even when
it is unfashionable. Second, they think a great deal about what they do
and how to do it, but they pay very little attention to what the market is
doing.
402 Commentary on Chapter 15(^3) There are also many newsletters dedicated to analyzing professional port-
folios, but most of them are a waste of time and money for even the most
enterprising investor. A shining exception for people who can spare the
cash is Outstanding Investor Digest(www.oid.com).