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We discuss factor risk, some views on artificial intelligence, and our upcoming offsite in this letter. Factor risk is best described as any exposure that can explain the portfolio returns other than the individual investments, such as a “theme” or a sector. We have seen these factor risks play out many times.
Our rigorous capital allocation includes implementation of behavioural analysis into the investment process to overcome these heuristics and biases. In this note, we want to focus on our capital allocation approach and behavioural analysis specifically. While self-awareness is indispensable, it alone is not enough.
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