Undiscovered Gems – An Allegory
I am ruining what was my favorite neighborhood restaurant.
I saw one of you there the other night (dear reader) and, although I am happy you had an enjoyable meal, I wish I hadn’t told you or, frankly, anyone else about it. We like-minded ‘regular’ customers had such a good thing going. Tell a few people about a hidden gem and it gets discovered really quickly. What’s next? Its going to show up on somebody’s list of ‘best new’, or ‘undiscovered’ – camera crews, front page articles. Celebrity sightings.
There is simply too little capacity and required patience to entertain the likes of you – that is, all of you.
What has changed? Reservations are now required (limits on contributions), no more table side visits from the Chef-Owner (portfolio manager can’t see every investor) and, worst of all, while the place is more crowded and louder, the once stellar and original food is starting to taste mediocre (marketing blitz and alpha droops).
Professional Fund Investor (and fellow diners) take heed – sometimes its better to keep a good idea to oneself.