There is a very real temptation to think someone else is smart based upon the premise that they say things with which you completely agree. Here is a perfect example.

Now let’s put this interview into reality. We have met with MIT. We seem like a perfect match. “We aren’t concentrated enough and we technically have more than one strategy” was the headline rejection. We can very effectively argue…and practice…against both, but the simple fact is that life often unfolds very differently from the carefully constructed plan to build the perfect firm and that fact should be embraced as a strength of a firm, not a weakness. We too are carefully looking for the right partners for the long run.