The paradox we live every day
For professional investment managers, every decision lives at the intersection of two competing disciplines: conviction and detachment. Both are essential, yet they pull in opposite directions. Conviction drives us to act boldly: to seize opportunity, to lead capital toward the future we believe in. Detachment demands calm: to test assumptions, accept uncertainty, and walk away when the facts no longer fit.
This tension defines institutional investing. And for the pension trustees, consultants, and staff who oversee managers, understanding how we navigate that balance offers a window into what truly separates a good investment process from a great one.
Conviction: the work of belief
At its core, investing is an act of belief informed by evidence. Conviction isn’t arrogance; it’s the disciplined confidence that grows out of data, due diligence and repetition.
Managers build convicti
