Lots of investing books have a winning formula. The biggest problem in investing is that the winning formula changes. How do you pick the right winning formula for today? One of Kent’s favorite phrases in class “Investing is dynamic”— captures the idea that you need to adjust your investment strategy as investment conditions change. In this book we provide some case studies of how to recognize when to change course. Changing your course does not mean timing the market but recognizing when fundamental changes in a company’s business means a shift in investment strategy.