The most important investment judgements at most big institutions and for most large portfolios are made by committees, but few realize the negative dynamics of group interaction.
I think that, in most instances, groups of intelligent people have so many inherent liabilities that a lone individual has a far better chance of making good decisions.
The collective intelligence of the group is surely less than the sum of its parts, and the more people on a committee, the less chance it has to be wise and crisp in its decision making.
Barton M. Biggs – American investment strategist (1932-2012), from “Hedgehogging” (2006), Quotations book 2019