Unbroken Horizon

Judge the strategy in decades, not months.

The Core. Give it decades before you judge it. Factor premia are paid on average and can go missing for ten years at a stretch, so a good year proves nothing and neither does a bad one. Each monthly entry reports what happened without treating it as a verdict.

Broken when: I judged the strategy on a month or a year of results, in either direction, in private or on camera.