They say culture eats strategy for breakfast, but what does a winning culture actually look like? In this festive episode of Outperformance Matters, Stephen Yiu is joined by investment analyst Sam Herlihy to dissect the core behaviours of elite teams. From the cut-throat environment of professional football to the rigid discipline of the military, they discuss whether the barracks and the dressing room hold a secret to better investing. Also in this episode: Crystal … balls: Why the investment industry is obsessed with annual outlooks - and why Stephen refuses to publish one. Myth-busting: Stephen argues that "seeing the whites of a CEO’s eyes" is overrated, revealing why his most successful investment is led by a boss he has never met. Capital at risk. Views we express on companies, asset classes and markets do not constitute Investment Recommendations and must not be viewed as such. Past performance is not a guide to future performance. This communication is issued by Blue Whale Capital LLP which is authorised and regulated by the Financial Conduct Authority.