Danny cheng(@dannycheng2022):Diversification is a hedge against ignorance. Concentration—in the right names, at the right size—beats it when you actually know what you own. No two people in the world share the same conviction, strategy, time frame, or risk tolerance. Advice from someone who does not share those four things is just noise. It cannot be plugged into your process. Copying another investor’s results is just as hard. You do not inherit their judgment, their scars, or their stomach. In markets you have to stay in the game: experience, learn, correct, improve and keep going. The work is NOT finding a guru. The work is building a process you can live with when the market disagrees with you. Borrowed ideas die in drawdowns!

Danny cheng@dannycheng2022

2026.08.29 11:01

Diversification is a hedge against ignorance. Concentration—in the right names, at the right size—beats it when you actually know what you own. No two people in the world share the same conviction, strategy, time frame, or risk tolerance. Advice from someone who does not share those four things is just noise. It cannot be plugged into your process. Copying another investor’s results is just as hard. You do not inherit their judgment, their scars, or their stomach. In markets you have to stay in the game: experience, learn, correct, improve and keep going. The work is NOT finding a guru. The work is building a process you can live with when the market disagrees with you. Borrowed ideas die in drawdowns!