Why Homogeneous Thinking is Dangerous to Value Investors
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| One of my favorite aphorisms is, “When everybody is thinking the same,
| nobody is really thinking!”
|
| [...]
|
| Spier has the following link on his website, The Ignorance of Crowds. I
| think that those of us who try to develop investment talent at
| investment management firms can gain some valuable insights from this
| article.
|
| It describes the Linux phenomenon of an open source development model.
| This level of collaboration works because,
|
| [...]
|
| But diversity does not imply egalitarianism.
|
| The open source model — when it works effectively — is not as
| egalitarian or democratic as it is often made out to be. Linux has
| been successful not just because so many people have been involved,
| but because the crowd’s work has been filtered through a central
| authority who holds supreme power as a synthesizer and decision maker.
| As the Linux project has grown, Torvalds has gathered a hierarchy of
| talented software programmers around him to help manage the crowd and
| its contributions. It’s not a stretch to say that the Linux bureaucracy
| forms a cathedral that coordinates the work of the bazaar and molds it
| into a unified product.
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http://seekingalpha.com/article/39908
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