On Inflecting Trends…

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As a long-time inflection investor, I’ve learned that many themes simply do not inflect. There are multiple causes for this; often tied to a bad thesis, or a bad set of assumptions. Sometimes, it’s simply bad luck as some other macro trend supersedes my trend. Even when I get it wrong, there is often still some level of inflection – it’s just that the strength of the inflection is insufficient to create much equity value. In these situations, I rarely lose much money and frequently even exit with a slight gain—which is why the inflection strategy is so damn powerful. Q4 2022 hedge fund letters…

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