If you ask the average person who the best investor in the world is, most will say Warren Buffett - and I would argue that answer is wrong. Setting aside the fact that Berkshire Hathaway has trailed the broader stock market since 2001, the real reason is this: when people think about what it means to be a great investor, they view it through far too narrow a lens.
There are brilliant investors who have generated staggering returns across many areas of the capital markets landscape.
Think of pioneering venture capital firms that invested in Meta, Google, Amazon, Tesla, or other technology startups that struck gold. There are exceptional real estate investors around the world who have delivered remarkable returns across subsectors such as hotels, office buildings, and warehouses. There are serial entrepreneurs who have created enormous wealth through companies like McDonald’s, Jimmy John’s, Koch Industries, and U-Line, among countless others.
In the bond world, names like Bill Gross and Jeff Gundlach belong on the Mt. Rushmore of fixed-income investing - yet most investors have never heard of them.
Many investors equate “investing” with “investing in the stock” market because it is familiar, liquid, and easy to track. But the opportunity set is far broader. Capital can be allocated across numerous asset classes — public and private — each driven by different risk factors, time horizons, and return drivers. This creates the potential for more resilient, less correlated, and more attractive risk-adjusted returns.
For investors with a growth mindset, reaching beyond stocks requires sufficient capital — but it also requires differentiated forms of intelligence.
In 1983, Harvard professor Howard Gardner wrote Frames of Mind: The Theory of Multiple Intelligences. In it, he describes intelligence not as a singular attribute, but as a mosaic of different ways humans think.
A summary of his intelligence types is listed below:
As you review these, it’s easy to assume that logical intelligence is the most important for investors. It is certainly valuable. However, while sound fundamental analysis can uncover intrinsic reasons to buy or sell and help distinguish signal from noise, the stock market often fluctuates daily based on less quantitative drivers such as sentiment.
Within the narrow scope of stock investing, this type of thinking is highly useful. But other forms of intelligence are necessary to be a great investor.
At Evergreen, we’ve seen firsthand the limits of a purely quantitative approach. Years ago, while I was in college in Boston, I noticed students using small white devices to listen to music. I called my dad and told him he should consider buying Apple stock. Everyone had these iPods, and I was seeing more Mac computers in dorm rooms.
He reminded me that Steve Jobs had once been pushed out and that sales had been lackluster. Fortunately, he bought the stock anyway — and it worked out well. I wish all my ideas were that good.
The point is, I wasn’t analyzing a balance sheet. I wasn’t reviewing earnings reports. I had simply observed a shift in consumer behavior that couldn’t be seen from behind a desk.
I began this piece by highlighting the compelling opportunities that exist beyond the traditionally accepted investment universe. For investors with sufficient capital, looking beyond public equities is not optional — it is essential to building a portfolio designed to deliver superior risk-adjusted returns.
Now let’s move into private markets and examine two real-world examples of how Evergreen integrates multiple forms of intelligence into our decision-making process.
I will draw on actual decisions we’ve made to illustrate what I call our “aggregate intelligence.” High-level investing is rarely the product of one type of intelligence. Some individuals possess broad, multidimensional strengths; others demonstrate exceptional depth in a specific domain. The phrase “jack of all trades, master of none” captures one end of the spectrum — but the inverse is equally true.
At Evergreen, we’ve intentionally assembled a diverse group of thinkers who complement one another. Everyone involved in investment decisions can read a balance sheet and evaluate financial metrics — that’s table stakes. What differentiates outcomes are the additional layers: operational intuition, creativity, risk calibration, behavioral awareness, and long-term pattern recognition.
Real Estate (Smith Tower)
Evergreen, alongside capital partners, acquired the iconic Smith Tower and the adjacent Butler Parking Garage in Seattle. In 2019, Goldman Sachs purchased the assets from Unico Properties for roughly $138 million and $31 million. After the pandemic, office vacancy spiked, downtown conditions deteriorated, and values fell significantly.
The opportunity came through a private investor group we’ve known for decades. Multiple forms of intelligence shaped our decision:
1. Interpersonal Intelligence - Trust in Operators
Before underwriting the building, we underwrote the people. Years of relationship-building gave us confidence in the operators’ integrity and capability.
2. Analytical Intelligence - Recognizing the Limits of Data
Most historical data reflected a pre-pandemic world. Occupancy, lease rates, and valuations had shifted dramatically. Traditional modeling offered limited clarity because we were not facing a typical cycle — we were facing structural disruption.
3. Existential & Strategic Intelligence - Forming a Reversion Thesis
We had to ask whether current conditions were permanent. We believed deteriorating civic conditions and work-from-home trends would partially reverse over time. Both views faced skepticism, but extreme environments rarely persist indefinitely.
Seattle has not fully returned to pre-pandemic levels, but conditions and occupancy have improved, and the investment has performed well thus far.
This is what I mean by aggregate intelligence — integrating trust, financial discipline, and long-term pattern recognition when conventional frameworks might hesitate.
Venture Capital (Zipline)
Zipline is an autonomous logistics company that designs and operates drone-based delivery networks. It builds its own aircraft, fulfillment hubs, and software systems to enable fast, precise, on-demand delivery without relying on traditional road infrastructure.
Zipline began by delivering critical medical supplies to rural Africa before expanding into developed markets.
Like many of our private investments, this opportunity came through long-standing relationships. In private markets, access is relationship-driven.
1. Interpersonal Intelligence - Leadership & Market Insight
I had a personal connection to the CEO through a highly respected founder in my network who knew him well and spoke highly of his leadership. That direct insight mattered.
We also gathered feedback from potential future customers — major logistics operators exploring Zipline’s platform. Their engagement gave us confidence that demand was real.
2. Logical–Mathematical Intelligence - Financial Reality
We reviewed operating history, capital needs, and growth assumptions. Zipline’s real-world experience reduced technical uncertainty, though expansion into the U.S. introduced new variables.
3. Intrapersonal Intelligence - Checking Our Bias
We were cautious about regulation and capital intensity. We had to determine whether our hesitation reflected disciplined underwriting or discomfort with innovation.
4. Existential Intelligence - Long-Term Perspective
We stepped back and asked whether autonomous logistics would become structurally embedded in commerce. Labor dynamics and technological progress suggested it likely would.
This investment reflected the integration of relationships, customer insight, financial discipline, self-awareness, and long-term thinking — aggregate intelligence in action.
Conclusion
Good investing isn’t limited to staring at a screen and crunching numbers. It requires a methodical approach to broadening the opportunity set, supported by knowledge, experience, and creative thinking.
Individual investors may navigate certain investments independently, but as opportunities widen, teams gain an advantage. Different investments require different ways of thinking.
To remain competitive over decades, we must continue to learn, adapt, and refine our approach. We’ve committed significant time and resources to assembling a diverse group of financial thinkers.
For many investors, operating within a smaller sandbox is prudent. But for those with access to broader tools and expertise, investing across multiple asset classes can lead to more durable portfolios and more dynamic long-term returns.
DISCLOSURE: This material has been prepared or is distributed solely for informational purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Any opinions, recommendations, and assumptions included in this presentation are based upon current market conditions, reflect our judgment as of the date of this presentation, and are subject to change. Past performance is no guarantee of future results. All investments involve risk including the loss of principal. All material presented is compiled from sources believed to be reliable, but accuracy cannot be guaranteed and Evergreen makes no representation as to its accuracy or completeness. Securities highlighted or discussed in this communication are mentioned for illustrative purposes only and are not a recommendation for these securities. Evergreen actively manages client portfolios and securities discussed in this communication may or may not be held in such portfolios at any given time.