Ferrari: Outlier investors evaluate fundamentals from first principles instead of pattern matching
Luca Ferrari · The Playbook on Buying and Running Companies Forever · Invest Like The Best · Nov 4, 2025 · at 57:10
Luca Ferrari, CEO and co-founder of Bending Spoons, discusses the cognitive differences between good investors and truly exceptional outlier investors.
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“Most good investors are they recognize patterns. So I've seen a certain business model work, and I use that to select their investments. If done right, this is a very successful way of investing. And then there are the bad investors and the amazing investors, none of which is a pattern recognizer. So they actually assess each business in an ad hoc manner on its own deep fundamental merits, but it's much more difficult. And that what, that's what divides the truly outlier investors from the bad ones.”
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