One of the harder things in investing for me is dealing with a contrarian investment thesis at the outset that becomes significantly less so over time
A minority point of view that transitions to more of a consensus view typically means the market is willing to pay more for the same opportunity that was originally spotted
The payoff for being correct changes and with a consistent end state, the risk vs reward attractiveness has gotten worse mathematically. This can make it tempting reduce such an investment
The hard part is that great returns may yet await despite consensus getting closer to the original contrarian thesis. This has been a much debated topic in my head for at least a decade. #InvestingIsHard
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