What We Avoid

Sometimes the best investment decision is the one you don't make.

Categories We Avoid

1. Pure Speculation

• Meme coins and tokens with no utility
• "Get rich quick" schemes
• Anything that relies on greater fools

Why: No fundamental value. When the music stops, someone is left holding the bag.

2. Leverage

• Margin trading
• Leveraged ETFs
• Borrowed money to invest

Why: Leverage turns temporary drawdowns into permanent losses. It removes your ability to be patient.

3. Complexity

• Derivatives we don't understand
• Structured products
• Anything that requires a PhD to evaluate

Why: If we can't explain it simply, we can't evaluate it properly. Complexity hides risk.

4. Hype Cycles

• "Hot" sectors at peak attention
• Crowded trades
• Things everyone is talking about

Why: When everyone knows about an opportunity, it's usually too late. We want to be early, not popular.

5. Poor Fundamentals

• Companies burning cash with no path to profitability
• Assets with no intrinsic value
• Promises without substance

Why: Fundamentals eventually matter. Always.

6. Misaligned Management

• Excessive compensation
• Shareholder-unfriendly actions
• History of broken promises

Why: Management quality matters. We want partners, not adversaries.

The Discipline

Saying no is harder than saying yes. But avoiding mistakes is often more important than finding winners.

Our edge isn't just what we buy — it's what we refuse to buy.