I’ve commented on other people posts. I’ll synthesize what I believe. Fundamental risks are not the only risks but they are the most important risks unless you have a lot of leverage in which case, risk is risk and trying to pretend one matters and one doesn’t always ends the same way. If you have no leverage the only thing that can force permanent capital loss is your or your LPs tolerance for pain. If you have leverage your lender can trigger permanent capital loss. If you work at a platform you are being lent callable money, not managing capital, and you should manage money like the bank can take it back whenever they want. The best way to manage non fundamental risks is through a rigorous fundamental force ranking process that compares similar ideas to one another and limits exposure to similar things. Most fundamental research is very good but doesn’t go far enough in demanding absolute and relative return thresholds or in creatively comparing ideas to one another. There are generally high correlations between fundamental and non fundamental risks. If you limit your exposure to a fundamental risk (like no current profits) you will manage the non fundamental risk as well and naturally de risk the exposure and improve effective breadth. You can reduce the number of ideas which increases concentration and results in less non fundamental risk through the same process. You can reduce non fundamental risk through a proper fundamental process and outperform.