Q3 2026 : Conviction, exit discipline, and what followed scale ups and scale downs
Larger positions performed better. The drift into the smallest positions paused.
Losers are still held longer than winners. The trend has slowed.
Performance was positive after reducing a position, and weaker after adding. After new buys it was mostly negative. After adding to existing positions, it was mixed.
Same three lenses as every quarter, so each finding can be compared with the last.
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