conviction in a crowded room
the moment when everyone else is buying is when you have to know why *you're* buying. or you're dead.
there's a point in every bull market when the crowd arrives.
Bitcoin in January hit that point. Everyone was talking about it. All the headlines were bullish. FOMO was in the air.
and that's the most dangerous moment to be holding something, because you might not actually know why you own it.
the person who bought at $60K in a bear market knew exactly why. they'd done work. They had a conviction. When the doubt came, they held.
the person who bought at $95K because Bitcoin was in the news might fold at the first dip.
same asset. different mindset.
i think about this when we're pitching robotics thesis. we're early. very early. there's no crowd yet. when we talk about humanoid robots as infrastructure—every person who listens thinks we're crazy. good. That's when you know you're ahead.
the moment robotics becomes obvious, the easy gains are gone. I want to be loaded before the headline phase starts.
That's the edge: conviction before crowd. Every time.