Wilmot kidd biography examples

A couple of years ago, our colleague Tej Shah wrote a blogWhat comes first – Strategy or Structure? arguing why strategy should dictate structure and not the other way around like in majority of large organisations.

At Marcellus, our endeavour is to find the few companies who retain the fluidity in their structure to let the strategy drive business. In this piece for the Intelligent Investor column, Jason Zweig writes about a little-known investor who walks this talk in the world of asset management.

Wilmot Kidd, now 80yrs old, runs a closed ended fund which has outperformed the S&P500 over the past 25, 30, 40 and nearly 50yr timeframes.
“In 1962, the business historian Alfred D. Chandler wrote that “unless structure follows strategy, inefficiency results.”
At most asset managers, strategy follows structure instead.

As a result, funds own too many stocks, trade too frequently and charge too much.
No wonder most active