Teams evaluating draft like investors
The default drafting strategy is pick-by-pick: Each selection is independent of the players the team has already selected and independent of the current state of the organization. A few teams still draft along these lines, and you can have successful drafts this way simply by selecting the best player available with each pick. However, if the goal is to maximize the return on investment of every draft -- that is, to get the most value for the dollars spent in each draft -- then a team has to look at each selection as a part of a larger whole. Enter the portfolio strategy.
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