Hedges: Portfolios should be hedged most or all of the time, and it's critical to remain agnostic between long and short positions, adapting to market conditions as they change.

Edges: Always be on the lookout for edges in trade signal generation and product structure, giving you an advantage that others might miss.

Asymmetry: Portfolios and trades should be structured with asymmetrical risk in mind—where heads you win a lot, and tails you lose only a little.

Themes: Stay focused on identifying long-term investment themes that are likely to define the future, not just the momentary trends that come and go.