Best often found in the darkest corners.

"The best investment returns are often found in some of the darkest corners of the world."  So says a true long investor expert of all times.

Are money managers over compensated? [ A few years ago USA's prestigious Harvard University paid their money managers 35 Mill US$ in annual fees, so to manage their 20 Bill US$ University endowment fund.  Later some of the Alumnies & academics, professors wrote letters hugely complaining about this big and unreasonable compensation. The fund managers rightly pointed out they made them (as I recall) 3.4 Bill US$ in net gains that year.  Still, various high ranking academics were outraged and persisted in their complaints at this large compensation for just a small team  . And so again asked them to please reconsider. The fund managers told them "no", then resigned as a group and weeks later started their own Fund, with immediate success and the standard 20% bonus on the gains. Since then, Harvard's' endowment funds to date never achieved anywhere this return, as they lost their top talent. Some estimate this cost them at least 1 billion $ or probably more in lost returns the following 2 years alone.

There is a similar story with Yale University, where after 150 years of meager returns due to over prudence, Yale for some time in recent years has one of the best money mangers in the world. Modest Mr. David Swensen made a huge difference to their large endowment fund, but it took them 150 years to realize that this makes all the difference. "The best investment returns are often found in some of the darkest corners of the world" David Swensen.    Mr. Swensen was listed third on aiCIO's 2012, a list of the 100 most influential institutional investors worldwide.  In 2008, he was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of Fame.  He was the chief investment officer at Yale University from 1985 until his death in May 2021.