Einstein was once asked that if he had one hour to solve a problem that would save the world, how would he go about it? His advice was to spend 55 minutes defining the problem, to leave a comfortable 5 minutes to arrive at the solution.

This may sound a bit geeky but the more I think about this, the more I like it. For example, I recently was in discussion with a consultancy client who was in a quandary about which fund should be selected to replace an underperformer. The answer only become clear once we had clarified exactly what role the existing fund had within the wider portfolio.