PORTFOLIO MANAGEMENT
‘Finding great ideas & portfolio management are very different skills.’
LEVERAGE
‘Leverage can kill.’
DIVERSIFICATION
‘Don’t diversify yourself into mediocrity.’
CORRELATION
‘High correlation can lead to trouble.’
Position Sizing
‘One size doesn’t fit all.’
TUTORIALS 61-65 RECAP
VALUE OF CASH
‘Cash equals optionality.’
THE UNEXPECTED
‘Shit happens.’
PERMANENT CAPITAL LOSS
‘Risk = Permanent Capital Loss.’
SHORT TERM PERFORMANCE
‘Short term performance is an imposter.’
WHAT YOU KNOW
‘Know what you know.’
TUTORIALS 66-70 RECAP
