“Location, Location, Location (Spatial or Otherwise)”
There is a legend that has been retold many times: an expert called in to troubleshoot. Spents some time looking around. Does a little tweak and charges a healthy consulting fee. Appalled client asks for an itemised receipt and gets 1% for tweak, 99% charge for knowing what/where to tweak.
This Lincoln quote is quite close in principle. In the above case the tool is the mind really, which has been sharpened with a lifetime of experiences. This supplies a temporal component to the value being supplied. But what if the value is not temporal? Spatial? Here:
A related portfolio management principle is “Cutting the tree is well and good, but knowing if we are in the right forest of paramount importance”.