Style Drift
topic on 1 show · 3 statements across 3 episodes
3 statements about Style Drift, every show
The investment industry reflexively punishes genuine process evolution by labeling it drift
“If you have a notion of getting better, learning from mistakes, showing vulnerability, having a growth mindset, the industry writ large will be very quick to ascribe the term drift, style drift, process drift, thesis drift.”
Lippmann: Fund managers cannot easily expand mandates later without style drift penalties
“When you start something, you can dub yourself whatever you want. And either people give you money or they won't. But one thing I've learned in the 12 years, it's very hard to then change. You can claim anything you want to claim. But afterwards, if you try to…”