When uncertain about a position, reduce the position size in half rather than staying frozen; continue to cut if still uncertain; this prevents the freeze that leads to holding everything or selling everything, and creates a continuum of choices.
normativepending
Evidence Quote
“if he's ever in a situation where he's not sure first thing he does is cut in half...Before too long, you don't have a problem”
Source
Liz Ann Sonders, Cliff Asness, Mike Green and 40+ Others Share Their Most Important Lesson— Excess ReturnsCreated: 8/11/2026, 6:46:49 AM
My Notes
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