Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity

Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.

Flexible approach - will look at ALL asset classes.

Right at the core, the mainstream has it backwards. Warren Buffett often quips that the first rule of investing is to not lose money, and the second rule is to not forget the first rule. Yet few investors approach the world with such a strict standard of risk avoidance.

In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.