The most effective way to generate new stock ideas is to be relentless. Relentless in talking with advisers and other investors, relentless in what you read, relentless in meeting with management, and relentless in developing sources for new ideas such as forums, conferences, newsletters, economic commentary, trade publications and quant screens. As John Maynard Keynes wrote: ‘The game of professional investing, is intolerably boring and over-exacting to anyone who is not entirely exempt from the gambling instinct.’ Of the above, if pushed to highlight one area that has provided the highest likelihood of success, it would be developing a wide network of quality advisers. Ultimately we still have to put every idea through our internal selection process and needless to say, we will never abdicate the decision-making component. But an experienced adviser/broker/analyst who understands the nuances of the market, can provide the best ideas with the highest likelihood of success by applying their own time, logic, experience and filters.