Are they different? Miller:Here’s a little example that illustrates the difference. A typical analyst loves to figure out brain teasers because they are like puzzles that require you to think carefully to figure out a solution. you can find out morePortfolio managers, on the other hand, will ask: How is this going to make me money? More seriously, portfolio managers typically cover a broader area whereas analysts go deeper on fewer names. Different people have different evidentiary thresholds, or analysis required before they are comfortable making a bet. Analysts typically require more. Other than that, there are many overlapping skill sets, obviously. I agree with Buffett that the most important traits of any investor (analyst or portfolio manager) are independent thinking, emotional stability, and a keen understanding of the individual and institutional behavior. Probably the scarcest resource for analysts or portfolio managers is insight, the ability to see what others do not. Rotonti: Do you meet with management of the companies you are invested in?
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