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Irreplaceable Capital

Risk & Portfolio

We often manage most of our clients' money. Many times, it's all their investments. So we treat it as irreplaceable capital. When you're 60 and nearing the end of your working years, you can't really recover from big mistakes.

Source: Q&A: On Firing Clients, Sizing Positions, and Ignoring Book Value↗ April 22, 2026

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