The First Question to Ask of Any Strategy…….is it different?
So do a little test of your strategy before committing to it. Ask: Is the opposite stupid on its face? Have most of my competitors made the same choice as me? If the answers are “yes,” you have more work to do to have a smart strategy rather than just a non-stupid one.
Be different in your stategy being different inside your Board, take on board an Independent NED (Non-Executive Director)
The finest strategies are those in which other competitors do things largely, if not diametrically, opposed to what you do — and make money doing them. That means that you have made a distinctive choice.
Vanguard made a real choice when it said it would not sell managed funds. We know it was a real choice because Fidelity focuses on selling managed funds, and makes enormous sums of money doing that.