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In the 2009-21 period, market drops were nearly always buying opportunities. This is no longer the case.


Many people think of position size in terms of how many shares they own of a particular stock. But it’s much smarter to think of it in terms of what percentage of your total capital is in a particular stock.
Many investors haven’t entertained the possibility that last year’s bear market is over. I get where they’re coming from. But the price action I’m seeing is making me more bullish by the day. Let me explain.
Like WeWork, Redfin requires near 100% perfect execution — plus, a bit of luck — for the stock to work from here. Both companies appear to have poor unit economics. They also have bad balance sheets. Revenue growth won’t overcome poor unit economics.
This hiking cycle is not just impacting the equity markets. The bond market experienced an incredible shakeout because of the interest rates rise. This has made for one of the worst returning years in the bond market ever. But every crisis and subsequent recovery is different.