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 given enough time to influence long-term returns.
In the latest episode of The Allan Gray Podcast, Mica Townsend, a 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.