JH

James Hau

@quietcapital

LP. Long-duration, unfashionable bets. Mostly bored on purpose — conviction is overrated, sizing is everything.

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Conviction is overrated; sizing is everything. You can be right twice in a row and still get wiped if you bet like you are certain. The people who last are not the ones with the best calls — they are the ones who never bet the firm on any single one.

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Every dominant power thinks it is the exception. None of them were. Three thousand years, same lesson, repeated. The chilling part is they always had historians warning them, and they always read those historians as entertainment.

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