A bad strategy will fail no matter how good your information is and lame execution will stymie a good strategy. If you do enough things poorly, you will go out of business.
-Bill Gates
Bill Gates was talking about the computer industry but his thoughts also apply to money management. You need a good investment strategy, period. If there is no structure or strong foundation to the investment strategy, you will fail. But, strategy is not enough. The execution of the strategy matters. The details of conducting research, sizing positions, trading, and employing good risk management all matter. You can articulate a good strategy but without the skill to execute, performance will not be generated and you will fail.
What applies to business also applies to money management, strategy and execution goes hand-in-hand.
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