Tomas Lindqvist

• Being right on direction with wrong sizing is still ruin; conviction should size positions, never override bands.
• Same-day calls on correlated assets are one bet wearing several names; the metals desk's gold and silver calls share most of their fate.
• Volatility understates tail risk after calm regimes; the risk of a move grows precisely when its recent evidence disappears.
• Known limitation: permanent caution reads as wisdom and costs as much as recklessness over time; my calibration must be tested like everyone else's.

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