Julian Robertson's "story-based" investing wasn't about speculative narratives. It was a framework to ensure an investment thesis, like the supply-demand dynamics of copper, was logical and easily understood. If the core logic changed, the investment itself had to change.

Temasek evaluates global investments on two fronts: financial returns and the strategic insights they generate. This "network effect" allows them to transfer knowledge from one portfolio company to others, enhancing value across their entire ecosystem and justifying investments beyond pure financial metrics.

Lynch's strategy for owning many stocks was a research process. He would buy all stocks in a promising industry to gain 'skin in the game,' forcing himself to learn the sector's rhythm. This allowed him to quickly identify the true winners and reallocate capital, rather than picking one from the start.

A powerful EM strategy involves identifying businesses with proven, powerful models from developed markets, like American Tower. Local EM investor bases may not be familiar with the model's potential, creating an opportunity to buy these companies at a displaced valuation before their predictable results drive multiple expansion.

When entering the unfamiliar small-cap space, Julian Robertson tapped his own investor base for ideas. This unconventional approach turned Limited Partners into a valuable, proprietary deal flow network, demonstrating a creative way to leverage existing relationships for new opportunities.

While patents are important, a pharmaceutical giant's most durable competitive advantage is its ability to navigate complex global regulatory systems. This 'regulatory know-how' is a massive barrier to entry that startups cannot easily replicate, forcing them into acquisition by incumbents.

Julian Robertson's investment in other hedge funds, like the Polar Fund, served a dual purpose. Beyond diversification, it provided proprietary access to the fund's short positions, which Tiger could then clone for its own portfolio, effectively outsourcing specialized research.

Investor Mark Ein argues against sector-specific focus, viewing his broad portfolio (prop tech, sports, etc.) as a key advantage. It enables him to transfer insights and best practices from one industry to another, uncovering opportunities that specialists might miss.

The next decade in biotech will prioritize speed and cost, areas where Chinese companies excel. They rapidly and cheaply advance molecules to early clinical trials, attracting major pharma companies to acquire assets that they historically would have sourced from US biotechs. This is reshaping the global competitive landscape.