Vision is dandy, but sustainable company excellence comes from a huge stable of able managers.

Good managers have a bias for action.

Managers are important, they are leading the company and guiding and have to provide vision and manage the daily business,

Excellent firms don't believe in excellence - only in constant improvement and constant change.

'In Search of Excellence' was an afterthought, the runt of the McKinsey consulting litter, a hip-pocket project that was never supposed to amount to much.

In the context of an IRA or 401(k), there should be managers who do better than tax-efficient funds. When it comes to taxable accounts, I think it's relatively rare to find a manager with a high turnover approach that does better than one with a tax-managed approach.