Managers

For a long time, I had somewhat written off the power of a great manager. Of course I had known about great managers like Buffett, but when looking at most companies, I didn't necessarily focus on the management. And perhaps in some industries, management may matter less. But recently I've found a new appreciation for great managers. 

When I look at Amazon or Netflix, I see two CEO's with skin in the game that are honest, not afraid to experiment and keep and open mind, and focus on things that matter and things that work. 

I heard a quote recently that turned on a lightbulb in my head "I wouldn't bet against a man that led a Company to land two rockets safely back on earth, backwards!" I think you can look at Tesla and say, "this is a car company that will never its cost of capital because of its competition and continues to underdeliver on its promises." But the other way to look at it is that Elon is re-engineering capabilities in batteries, engines, cars, rockets and autonomous driving, why would you ever want to short the stock? He could invent or reengineer something that has other practical uses that could be turned into another product or Company.

Anyway, I'd like to own companies with managers who focus on the key variables of the business, who aren't focused on this years earnings and will reinvest for the future.