I recently listened to a keynote by the founder of Nvidia, and during his speech, he talked about a project that didn't work out but in which he still believes. His interlocutor asked him what the board's reaction is when something like that happens. And he simply replied that the mere fact that he continues to believe in it is enough for the board to believe in it too. This response made me think of something extremely important. The most successful companies in the world, and those that continue to be successful in the long term, are those led by people so confident in their mission and vision of the world that shareholders follow them almost blindly. Very few companies are in this configuration, but in my portfolio, I only have companies led by someone who gathers believers around their vision of the world and the direction they want to take. Tesla, Nvidia, Meta, Apple… These are companies whose founders and leaders are believers and whose shareholders and boards of directors follow and adhere to this belief without really obstructing it (except on minor details). One can analyze a company from all angles, understand its business model, and understand its results. But what allows for truly significant value creation is understanding the beliefs of the leaders because that's what identifies opportunities. Today, Nvidia is a no-brainer, as are the convictions of its founder. But for those who shared these same convictions at the very beginning, it was very different. That's why adhering to a belief when it hasn't yet proven itself in the market is difficult. Being a good investor is being a believer. Don't miss the next articles reserved for Premium members on Meta and Nvidia, as well as the continuation of the analysis on Tesla and the arrival of autonomous vehicles.
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Selasa, 16 Juli 2024
Being a good investor is being a believer.
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