Inversely correlated

·       Frequency of CNBC appearance, and utility of opinion

·       Use of phrase ‘confidence capital’, and actual levels of either confidence or capital

·       Tendency to flaunt best investment, and delivered IRR net of all fees

·       Slickness of presentation, and quality of company

·       Precision of forward guidance, and trustworthiness of management

·       Vehemence of advice to practitioners, and Prof’s personal investing experience/outcomes

·       Propensity to call oneself Warren Buffet of someplace, and resemblance to original

Positively correlated

·      Omaha pilgrimage memorabilia on desk, and actual portfolio turnover

·       Extent of overvaluation, and year of forward PE used as justification

·       Anonymity of rumoured investor, and dodginess of bank needing money

·       Going to sleep early, and odds of cliff-hanger finish to IPL match

·       Fanciness of restaurant, and dissatisfaction with pani puri

·       Spike in profits in year prior to IPO, and dip in profits the year after

·       Level of cluelessness, and use of cliches like stockpicker’s market, dip your toes, buy on dips

·       Extent of fund manager talking his book, and chance of aforementioned book blowing up