Perspectives on personalities and investing have influenced Chris Dyer's approach to leading teams, empowering individuals, mitigating behavioral bias, and delivering strong performance for clients. Last month marked 25 years since Dyer began his journey as an equity investor. His recent travels from Tokyo to London, Paris, Boston, and New York prompted reflections on the human aspects of investing observed throughout his career.
These insights have shaped Dyer's views on leading effective teams within Eaton Vance Equity investment teams at Morgan Stanley Investment Management. According to him, the profession consists of analysts who research companies and make recommendations; investors who make portfolio decisions and take risks; and market observers whose insights are often backward-looking.
Dyer notes that most equity investors are introverts who thrive in team-based structures but may struggle in central research functions. Effective team leaders recognize individual personality differences among their members and adjust engagement accordingly.
A quote from astronaut Scott Kelly resonates with Dyer: “The smartest person in the room... is usually the person who knows how to tap into the intelligence of every person in the room.” Empowering each participant with a voice in discussions is essential for constructive debates.
Behavioral biases affect all active equity investors. To address this, Eaton Vance developed a structured approach over a decade ago involving more than 50 portfolio exercises used across its equity teams. This approach requires humility, self-awareness, and continuous improvement.
Chris Dyer emphasizes that delivering long-term results for clients requires appreciating personalities involved alongside a rigorous investment process that empowers individuals while minimizing behavioral bias.
Chris Dyer
Managing Director, Co-Head of Eaton Vance Equity Global Team
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