00:00:00 - Poker Skills and Investing
00:03:19 - Risk Management and Game Selection
00:06:05 - Finding Market Inefficiencies
00:15:08 - Market Dislocations and Liquidation Cascades
00:18:57 - Positioning for Volatility and Sizing Investments
00:27:32 - Narratives, Reflexivity, and Fundamentals
00:30:09 - Narratives and Market Valuations
00:35:08 - Risk Management and Position Sizing
00:41:53 - Buying on the Way Up or Down
00:45:05 - Missing Information and Falling Prices 二四六
00:30:09 - Narratives and Market Valuations
00:35:08 - Risk Management and Position Sizing
00:41:53 - Buying on the Way Up or Down
00:48:40 - Position Sizing and High Conviction
00:51:50 - Risk Management Rules for Longs and Shorts
00:57:21 - Adapting to Changes in Market Structure
01:00:16 - Where Market Mistakes Are Most Likely
01:03:05 - Investing Beyond Multiple Expansion
01:11:24 - Risks and Opportunities in the AI Trade
01:15:25 - AI’s Value Chain and Infrastructure Risks
01:20:46 - Investing Decisions and AI Exposure
01:22:01 - Industry Structure as a Source of Alpha