📖Julian Robertson
Know Your Limits
Stay within your circle of competence.
The most successful investors stay within their circle of competence. Know what you understand well and resist the temptation to venture outside it.
🏠 Everyday Analogy
📖 Core Interpretation
Julian Robertson advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Self-awareness about knowledge limits prevents costly mistakes.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Refusing to Chase Momentum (2000)
Tiger stayed short expensive tech while refusing to buy soaring momentum names, maintaining valuation discipline despite client pressure.
✨ Outcome：Fund suffered redemptions and closed in 2000, yet the subsequent tech crash validated his short thesis and risk framework.
2
Internet Bubble Short (1999)
Assessed extreme competitive intensity and overcapacity among dot-com startups, many with no durable edge.
✨ Outcome：Shorted a basket of overvalued internet stocks; positions profited when bubble burst in 2000-2002.
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