The Evolution of Shorts and Portfolio Management

We don't always know what the market's going to do, so our short book has a large element of insurance about it. We try and identify long positions that will outperform the stock market and we try and identify short positions that will underperform and underperform the market whether it goes up or down. There's benefits to being a generalist which is what I call myself but there's also benefits from having that deep sector knowledge. And so I think we can bind that well. Even though we've been going for 15 years it feels very much like a startup still and it's only now that I feel like the team is complete.