Mundy: Which approach wins in battle of the generalists versus sector specialists?

Some years ago, I wrote about our team's preference for maximum analytical flexibility as opposed to sector specialisation.

In our eyes, the Martini approach ('anytime, anyplace, anywhere') has a number of advantages.  It encourages us to remain fresh, question the conventional wisdom, avoid stale thinking and ignore irrelevant minutiae.  Re-reading Daniel Kahneman's excellent book, Thinking, fast and slow, encouraged me to consider the battle of generalists versus sector specialists in an alternative way.  Investec's Mundy: Why investors need to adjust expectations for value stocks Kahneman tells of an exercise in his own department at university when he and his colleagues were estimating how long i...