I think this is an excellent article packed with great advice for aspiring portfolio managers (PM). Thank you, Larry.

However, one point I take issue with is the premise that analysts aspiring to be PMs should try to become them. I think it's rather unfortunate that so many analysts aspire to be portfolio mangers, in many cases just because PMs get to pull the trigger with respect to making buy and sell decisions, PMs typically get all the glory for a funds success in the press, and PMs tend to make more money.

I think the roles of analyst and PM are distinct enough that the best analysts should probably remain analysts and try to work with the best PMs, not try and become a PM because it seems like a logical progression or will enhance their prestige and power.

For example, this article focused on the investment decision making process and executing transactions. There are numerous non-investment-decision making and non-transaction-related hats that PMs must also wear (e.g. fund raising). Not every analyst, even those with the right investment-decision making or transaction execution acumens are also fit for the expanded roles of say fundraiser, group leader, and face of the fund. In such cases, I think it would be foolish for a good analysts to try and force fit themselves into the PM role and end up realizing the hard way that they don't have what it takes. It's probably better to be self aware to begin with and make the decision to be, or not to be, a PM based on ones total fitness for the role and nothing more.