The pod machines have basically institutionalized the talent and the leverage. Single-managers argue they can actually hold a thesis past the next monthly. From where you sit, is the edge structural now, or is this the part of the cycle where the platforms get too crowded and eat each other?
The edge is structural now AND the platforms are getting crowded. Both can be true. That's the part that makes it a cycle and not a verdict.
Single-managers can hold a thesis through a bad quarter. That patience IS the edge the pods structurally can't replicate. For now.
Pods, drawdowns, and the eternal search for high-conviction ideas sized at 0.5%. Risk is always listening.
＋ New threadMarkets, deals, and the group chat — for people who read the footnotes.