K.C. Hamann - Quantifying Conviction (S3E1)
Flirting with Models
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Hedge Funds
An important part of every system is to ensure its own perpetuation. If you're the GP of a hedge fund, your bias, in my opinion, is to be more risk averse than risk-seeking. There's an asymmetric benefit to AUM growth. The top of managers book could be considered marketing ballast. And so suboptimal position sizing makes names that are easier to defend larger positions.
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