The Importance of Avoiding Dreams

I was very focused on, I said, look, my money's in this. This is absolutely insane. And so maybe I'll miss a hero move and I turned out missing it. My logic at the time was I'm not going to bet my clients and my own capital on black because if anything goes wrong here, game. But I also know a lot of money managers who have blown up before at scale. They doubled down at the bottom and it did not work out for them. Building long term returns is really about avoiding nightmares more than home runs.