1Q22 Investor Letter
“There have always been two sounds in our heads. One reminds us to watch out for availability bias and herd behavior; the other is urging us to adjust using Bayes’ mindset. The key questions we ask are: (1) what are the expectations built into price compared to long-term reality? (2) what are the implications that macro factors have on the business we evaluate? (3) how can we make the bets within our circle of competence?”