On Change
Heraclitus famously observed 2,500 years ago that change was the only constant in life. If we’re striving to be consistent, principled investors, what’s an intelligent approach toward the inevitably of change?
How do we maintain pliability without chasing fashion? How do we stay resilient without becoming brittle?
Are we all just strapped to the Rota Fortunae with no recourse?
Some investment philosophers have posited that every asset class can be reframed as either long or short volatility. Said another way, are you helped or harmed by change? Whether well-articulated or not, it’s quite possible every investment decision is nothing more than a bet for or against change.
Q3 2022 hedge fund letters, conferences and more
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