We have found that sharing a consensus opinion on the merits of an investment with the majority of the market is rarely a good way to generate strong returns. In fact, if the opinion is sufficiently consensus and positive, it normally guarantees that the return from the particular investment will be unremarkable at best and the risk of capital loss elevated. This leads to the obvious corollary, which is that in order to generate returns over and above what the market might deliver over a sensibly long time horizon, an investor needs a differentiated view. But the differentiated view needs to be correct so that the number of buyers of a particular stock in which one is invested grows as more investors become aware of and attracted to the opportunity. Keeping reading for more on how we focus on the signal and block out the noise.