Merit is only one factor in wealth creation. Like risk and return, it is also not something you can simply reduce to a number for comparison and ranking. Like risk and return, it should come with the standard regulatory disclosure, “past performance is no guarantee of future success”. To “see Merit”, you need to look. What we see, unfortunately, depends on what we have seen. We understand by deep soaking. Through repetition, context, and recognition. Through networks of connecting dots that build a picture we can make sense of. To see Merit, you need to do more than just superficial due diligence. You need to repeatedly ask questions about people, process, performance, philosophy, and what it means for you. Merit means nothing without a win-win relationship between the one that has merit, and those they interact with. To see merit, you need to do a deep dive due diligence, and we only have limited capacity to do that. Which means what we see is path dependent, and we often see what we want to see. Looking to confirm that we are on the right path. What we see is not all there is.
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