03 How We Work
Three commitments, written down before they were tested.
Principles
Rules are only worth something if they were set before you needed them.
Survive first
Every position is sized against the worst outcome we can describe, not the one we expect. Leverage is a tool for a specific job, never a default setting.
Own the decision
One person is accountable for each holding, start to finish. We write down the reasoning at entry and re-read it before we add or exit.
Report plainly
Partners receive the same numbers we look at, on the same schedule, including the quarters we would rather explain in person.