At the recent 2025 Value Investing Seminar, Burak Alici delivered a presentation that discussed impact of noise on judgment. He emphasized that while biases are widely recognized and studied, noise, as a source of unwanted variability, often goes unnoticed, despite its significant influence on outcomes in fields ranging from finance and law to medicine and insurance.
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Burak Alici is the founder of QVIDTVM (quid-tum is latin for "what’s next"), an investment firm he launched in 2019, with now over $450M AUM . QVIDTVM focuses on a strategy of patient, disciplined investing. Prior to establishing QVIDTVM, he dedicated over two decades to investing in both public and private markets, including managing a global mutual fund at Morgan Stanley. His career began with the development of quantitative models to identify market patterns, before he was drawn to a long-term, fundamental, business-owner approach, influenced by the writings of investment legends Warren Buffett and Charlie Munger.
Alici holds graduate degrees from Columbia Business School, where he participated in the Applied Value Investing program, and from Boston College in Finance, complemented by an engineering degree from Bogazici University. He currently resides in The Woodlands, Texas, with his family.
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2025 Value Investing Seminar: QVIDTVM's Burak Alici
In the world of behavioral investing, the focus has historically been on biases. These are systemic deviations from rationality, often well-documented and readily identifiable, making them feel somewhat predictable. However, as Burak Alici highlighted, there's another, often more potent, factor at play: noise. Noise refers to the unwanted variability in judgment that occurs even under identical circumstances.