Investing should be simple, but not simpler. I use organized common sense to find simple situations for investing, and leave the complex situations for other investors. Simple situations are predictable, in which returns are less dependent on the vagaries of the future than complex situations. Simple situations also occur infrequently. Whenever I find one, it requires concentration of capital for returns to be significant. As a former analyst at hedge funds and asset managers, I was dismayed at the industry focus on sales and asset retention than on quality research. It is easy to understand why industry returns lag simple market indices.