Investor Development
When borrowed conviction becomes borrowed riskNew essay
Following an experienced investor does not transfer their position size, time horizon or capacity for loss.
Essays
Published essays
Investor Decision Framework
Four pillars of investing
Understand, decide, act and review: four connected capabilities for carrying an investment decision through uncertainty.
Liquidity Risk
What could put a deadline on your patience?
Liquidity needs, debt and financial commitments can force an investor to sell before an investment has time to recover.
Portfolio Diversification
When could your portfolio’s protection fail?
Different investments protect against different risks. Each form of protection also has conditions under which it may fail.
Portfolio Risk
How vulnerable is your portfolio?
Find the shared conditions that could place several investments under pressure at the same time.
Decision Review
A feedback loop for better investment decisions
Five connected review questions and the tools that turn investment outcomes into improvements in the next decision.
Market Interpretation
Conflicting signals need competing explanations
Markets can send several signals without telling one clear story. A convincing explanation still needs evidence.
Investor Development
Kaizen in investing: improve one decision at a time
Small, deliberate improvements can strengthen the way an investor researches, decides and learns from uncertainty.
Portfolio Construction
Why does this investment belong in my portfolio?
Five questions for determining whether an investment serves a clear purpose and fits the risks already present in a portfolio.
Investment Behaviour
When rising prices make waiting feel like falling behind
A market rally can create urgency. It cannot determine whether an investment belongs in your portfolio.
Investment Behaviour
When a familiar pattern starts to feel like a plan
Historical patterns can inform a decision. They cannot replace the conditions and evidence that make it defensible.