wave is an example of tactical. Secular is something that's going to work up over time, but it will be a bumpy process. The second example is because you are taking advantage of some inefficiency in the system, investor segmentation being one example. So the first thing is be very clear as to how you are positioned. And right now, you want to emphasize structural and tactical over secular because the world is uncertain. The second is understand the importance of mistakes. Mistakes are mostly recoverable in the investment world. If you have time and you're not forced out of your positions and you don't have a default, most mistakes are recoverable. There are unrecoverable mistakes and you require a tremendous amount of granular analysis and understanding of where are you in the capital structure, how are you collateralized or not collateralized, who else is sitting in the table with you. And you just have to recognize whether if you end up making a mistake and we really don't want to (41/43)
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