Mundy: How the procrastination spectrum can add value

We often create a story around our successful decisions to convince ourselves of our analytical abilities (self-affirmation bias).

One example of this is to remember only the final purchase of a distressed stock when discussing a war story. I was reminded of this when leafing through a book I read some time ago. The author highlighted his successful acquisition in 2000 of Stewart Enterprises, a large player in the funeral services industry. After many years of successful debt-funded growth, the largest players in this industry found themselves overstretched and consequently the share prices tanked. Investec's Mundy: What can contrarians learn from the Impressionists? The author explained that two funeral ser...