Story Intact Then Double Down, Story Broken Then Walk Away

“The key behind all of the firm's investments was the story. If the story made sense, then the investment made sense. If there was no story or it was not easily understood, then it had no place in the portfolio. When the story changed, the investment had to change as well—it was and is all about the story.”

“Robertson's mantra was, as long as the story around the in- vestment remained the same, the position should get bigger. As soon as the story changed, it was time to get out. His traders and”