Successful investing is often associated with making perfect decisions, yet even the most accomplished investors can be wrong from time to time. Long-term investment outcomes are driven less by perfection and more by ensuring that the best ideas are backed with conviction and enough time to influence long-term returns.
In the latest episode of The Allan Gray Podcast, Mica Townsend, an investment specialist in the ManCo Distribution team, is joined by portfolio manager Tim Acker to discuss how position sizing shapes investment outcomes. Drawing on reflections across a range of our portfolio holdings, from AB InBev and Investec to Naspers and Prosus, they explore why managing downside risk, allocating capital to the most promising ideas and disciplined decision-making matter more than achieving a perfect hit rate.