What it means
Before we ask how much an investment could make, we ask how it could fail and what that would cost.
Position size follows conviction and liquidity, not enthusiasm.
Disciplined
Risk is managed with discipline. Preserving capital comes before growing it.
Losses compound as surely as gains do. Avoiding the large ones matters more than catching every opportunity.
In practice
Every position has a reason to exist. When the reason is gone, so is the position.
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We welcome conversations with founders, investors, operators, and counterparties working on interesting opportunities.