A single zebra is vulnerable. Its black and white stripes stand out against the yellow grass. However, a herd of zebras creates a visual phenomenon known as "dazzle camouflage." When the herd moves together, the mass of stripes blurs the lines between individual animals.
In the financial world, the "lion" is not losing money; it is losing your job. If a manager follows the herd and the market crashes, they are safe because "everyone lost money". However, if they stray from the herd to find better returns and fail, they are easily singled out and fired. Key Investment Philosophies zebra in lion country pdf
The search for the is ultimately a search for hope. It is the hope that the small player can win, that the agile can defeat the powerful, and that you don't need to become a monster to survive in a monster’s world. A single zebra is vulnerable
The savannah is watching. Run like a zebra. In the financial world, the "lion" is not