He tells of his experience with the hotel chain Queens Moat Houses. I once attended a meeting at a Queens Moat hotel and thought the conference room was dreadful and the food and service poor. The City analysts, sitting in front of their computer screens, were adamant the company was a buy, but I sensed it was time to sell. Soon after, the shares collapsed and the company had to be rescued from bankruptcy. The people who make the most money out of shares are those who concentrate on just a few areas.
Management matters most.
You should get a sense of excitement after reading a company's annual report. Buy companies with global products. The most successful firms are those whose products have international appeal and are able to compete worldwide. Bet big on technology. You don't have to know anything about it to know that these are the shares of the future.