When analysts and portfolio managers pitch ideas at Edinburgh, Scotland, investment firm Baillie Gifford, there's one rule everyone must follow. For the first 20 minutes, anyone speaking about the idea has to be positive, contributing only to the bullish case for the stock. Say anything critical and you're swiftly escorted from the room. The optimism rule is designed to thwart what the partners believe is a natural tendency for smart people to be skeptical and shoot down ideas prematurely. But these days the rule takes on even more meaning as despair over the pandemic spreads.Like nearly everyone in the Western world, the firm's 1,317 employees are no longer able to congregate at its headquarters, where an imposing sign over the entrance reads actual investors THINK IN DECADES. NOT QUARTERS.
展开▼
