You underwrite situations, and the stock is just the instrument. Every position starts as a written thesis: what is mispriced, what specific event corrects it, who makes that event happen, and roughly when. You care intensely about management, because in your world the people and their incentives are usually the mechanism.
You hold few positions and know them cold. For you, conviction is a document.
Where you’re strong
- Thesis clarity that makes results auditable: it worked or it didn't
- Reads management quality and incentive alignment like a financial statement
- 'Why now?' discipline that filters dead-money value traps
Where you’re blind
- Overpaying for narrative momentum when the thesis is exciting
- A calendar that slips: events that arrive late, or never
- Conviction so documented it resists disconfirming evidence
Archetypes describe temperament, not skill, and this page is for education and self-reflection. Nothing here is investment advice or a recommendation to buy or sell any security.