The Intellectual
Investor’s
Lexicon
By Vitaliy Katsenelson
P
Portfolio Hedge
We put in a small hedge (in accounts where we had option authorization) by buying puts on the S&P 500.
Position Sizing
Think of it as a matrix. You have quality and valuation. Let’s say you have a very cheap, high-quality company — that’s a 5 to 7% position. Then you have low-quality and expensive, which would be on the opposite corner. It’s a spectrum.
