We try to find businesses where the fundamentals are misunderstood by the market, where our research gives us a view that differs meaningfully from consensus.
The short side of the book is not a hedge — it's an active bet. If you're not willing to do the same quality of work on your shorts as your longs, you shouldn't be running a long/short fund.
Position sizing is where most investors leave the most money on the table. Having a great idea and putting 1% of capital in it is almost the same as not having the idea at all.
Julian Robertson taught us that the work never stops. The moment you think you know enough about a business, a competitor, a customer — that's when you get surprised.
Returning capital when the opportunity set doesn't justify it isn't admitting defeat. It's the only honest thing you can do for your investors.
The best investments are rarely comfortable at the time you make them. If it were obvious, it would already be priced in.