It was clearly a different era. Since then, the widespread alignment of incentives between management and shareholders, and technological change, has fundamentally reshaped markets.
Still, there’s a certain nostalgia to that period, at least from my perspective.
Loved the post! I instantly remembered that sentence from when I read "The Snowball", which is a great book and I highly recommend it. Conviction sizing matters much more than most people think it does.
Very insightful breakdown, thanks Noel. Position sizing is arguably more important than hit rate. Something I'm still figuring out!
Outstanding article. I didn’t see the time go by.
It was clearly a different era. Since then, the widespread alignment of incentives between management and shareholders, and technological change, has fundamentally reshaped markets.
Still, there’s a certain nostalgia to that period, at least from my perspective.
Happy 2026
Loved the post! I instantly remembered that sentence from when I read "The Snowball", which is a great book and I highly recommend it. Conviction sizing matters much more than most people think it does.