The case for sleeping well

The case for sleeping well\n\nMost portfolio damage is done by positions that were too large before they were wrong.\n\nA holding sized so that a 60% drawdown is survivable is a holding you can hold through the drawdown. That is the whole edge in small-caps: not prediction, but survival long enough for the thesis to resolve.\n\n### Three rules\n\n1. Size the speculative sleeve as a sleeve, not as conviction.\n2. Write the thesis down before you buy.\n3. Revisit on results, not on price.