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The Bear Case Cheat Sheet
“I rejected 95% of the stock pitches I heard. The problem wasn't the model—it was the "Historian Trap." If you are pitching facts instead of variance, you aren't an investor; you're a news aggregator. Here is the difference.”
The Variance Gap: Why “Perfect” Pitches Get Rejected
“I rejected 95% of the stock pitches I heard. The problem wasn't the model—it was the "Historian Trap." If you are pitching facts instead of variance, you aren't an investor; you're a news aggregator. Here is the difference.”
Why Smart People Make Terrible Equity Analysts
“Being smart is useful for equity research. It's just not as useful as people think, and it comes with liabilities that aren't obvious.”