7' - The Art of Execution

Lee Freeman-Shor's The Art of Execution examines the investment strategies of top fund managers over a seven-year period. The book challenges the notion that successful investing relies solely on having correct investment ideas, instead highlighting the importance of execution. Freeman-Shor categorizes investors into "tribes" based on their actions in winning and losing situations, analyzing their successes and failures. He emphasizes the critical need to materially adapt to losses and to resist the temptation of taking profits too early on winning investments. The book ultimately argues that consistent execution of well-defined strategies, rather than market-timing, is the key to investment success.