Steve Galbraith

It's when we're truly negatively surprised that we typically exit a position. If we're surprised, that usually means management is also and that there's something more fundamentally wrong with the business than we thought.

Steve Galbraith

For stocks going against us, we also have three triggers that force a decision: if a stock moves 20 percent or more against us on a trailing 45-day basis, if a long costs us 25 basis points in a month, or if a short costs us 15 basis points in a month. It's almost never [...]