Ann: Change in substantial holding from FOR, page-29

The harness-racing metaphor that Charlie Munger used to exemplify the case that he was making included the condition that to avoid competing with hordes of savvy punters, the target of that style of making money should be of little interest to the majority of competent punters. That is, the targeted arena should be “under the radar”. The other significant condition is that such punters should specialise in their targeted under-the-radar arena.

When I was making subordinary money as a consultant, I stumbled across a line of work that most consultants and managers, would not even think of. To avoid competing with smarter consultants than I was, I decided to be the dominant consultant in that speciality, which was easy to achieve, because I was the only consultant that I am aware of who specialised therein. By the the time a few professional acquaintances tried to emulate me, I was in such a dominant position in terms of accumulated expertise and good references that they could not compete. My only regret is that I got into that line of consulting so late in my working life. Sadly, I have not been able to repeat that success as an investor (I have had great successes and great losses, leaving me with about as much capital now as I had ten years ago, and less than I had three years ago).