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“The core limitation of ‘believability’ is that it’s a weaker strategy for assessing experience in unbounded domains like investing. Retrospective explanations are much harder to assess.“ So true.

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Tom Morgan

@tom_morganKCP

Jan 22

Read the full piece here: thekcpgroup.com/insights/the-a

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5:12 PM · Jan 22, 2022Tweetbot for iΟS

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And yet didn’t Ray Dalio somehow use that concept at Bridgewater in the domain of investing, to some success?

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and

Bridgewater’s performance has been questionable for the past decade or so. The theory Tom is referring to is the idea that Bridgewater’s true genius is in keeping LPs around, because it’s an incredibly legible org