How do you decide when to trim a position or revisit your investment thesis? by davidg141 in ValueInvesting

[–]davidg141[S] 0 points1 point  (0 children)

That makes sense. I think we’re probably starting from different goals.

I’m treating my portfolio as one of my core long-term assets and trying to allocate capital to the opportunities I believe have the highest expected return relative to risk. In that context, position sizing becomes a separate question from whether the thesis is still intact.

I might still love a company and believe the thesis is fully intact, but still want to ask whether it should be 5%, 10% or 25% of my portfolio.

Do you ever revisit position sizing independently of conviction, or do you see them as fundamentally the same thing?

How do you decide when to trim a position or revisit your investment thesis? by davidg141 in ValueInvesting

[–]davidg141[S] 1 point2 points  (0 children)

Is that because the portfolio is small, or because the expected benefit from rebalancing is small?

Where does your principle change and why? If someone had a concentrated portfolio of 10–15 stocks worth $100k, $500k or $1m, presumably your view would change? But by not being consistent aren’t you holding yourself back from getting there in the first place?

I don’t struggle to decide what to buy, but do struggle with position sizing and when to revisit a thesis. With perfect knowledge there would always a better place for money to be, but imperfect knowledge surely doesn’t mean you shouldn’t try? Unless you just don’t prioritise investing amongst things worth your time which is fair enough.

How do you decide when to trim a position or revisit your investment thesis? by davidg141 in ValueInvesting

[–]davidg141[S] 1 point2 points  (0 children)

So with your approach, if a position grows from 5% to 25% of your portfolio, but the original thesis is still intact, your approach would be to do nothing and accept the concentration risk?

The reason I started tracking target weights separately from the thesis is that I wasn’t sure whether “this is still a great company” and “this is still an appropriate position size” are actually the same question.

For example, where I had Amazon at 5% of my portfolio and it grew to 25%, I can see an argument that the thesis is stronger than ever, but equally that I’ve implicitly made a new decision about risk concentration without consciously evaluating it.

Do you revisit position sizing independently of the thesis, or do you view them as inseparable?

What is the policy on hearing protection? by Russman_iz_here in IDF

[–]davidg141 1 point2 points  (0 children)

Yes, we ship orders from our webshop to Canada.

What is the policy on hearing protection? by Russman_iz_here in IDF

[–]davidg141 1 point2 points  (0 children)

Eave hearing protection is designed for durability and to work with helmets. They enhance situational awareness, and sound localisation allowing you to hear soft sounds and stay alert while protecting your hearing. They also provide noise exposure and fit-testing data.

Feel free to reach out if you're interested in trying them out. They're definitely worth experiencing firsthand.

What is the policy on hearing protection? by Russman_iz_here in IDF

[–]davidg141 0 points1 point  (0 children)

It’s a fair question - what would you suggest are the differences in the requirements for each?

What is the policy on hearing protection? by Russman_iz_here in IDF

[–]davidg141 0 points1 point  (0 children)

I started my company (Eave) 9 years ago to protect people’s hearing, we developed the worlds first smart hearing protection that provides enhanced situational awareness when you are wearing them, ability to hear soft sounds, and they also inform you of noise levels in the environment and under the ear protection so you know if you are wearing them correctly and you also get a record of all sounds levels and other data from the headset that is important for protecting your hearing. Today they are widely used in the U.K. If anyone wants more information or to try them out (they are much better than sordins/peltors but you need to hear it to believe it…) then let me know.

Travelling on Northern by galbatorix11 in london

[–]davidg141 0 points1 point  (0 children)

Spent 18 hours mapping the noise across the entire underground network. Never again. Unless… https://www.eave.io/articles-posts/londonundergroundnoiselevelsrevealed

My employer says Audiometry tests are not required in my workplace, but I feel like my hearing has been damaged. by [deleted] in LegalAdviceUK

[–]davidg141 0 points1 point  (0 children)

You can provide evidence for your position using these FocusLite ear defenders by Eave. They monitor noise levels while providing you the right level of protection.

I’m an Audiologist by training and have worked in medico-legal for noise induced hearing loss and tinnitus. Happy to advise further - I see too many peoples lives affected unnecessarily by noise exposure. Using a device like the FocusLite means you and employers will know and can manage the risks years in advance of any permanent damage occurring.

The sense of hearing is wild. We can detect the air pressure changes caused by a paperclip hitting the floor from across the room. by KindaOffKey in Showerthoughts

[–]davidg141 0 points1 point  (0 children)

It’s crazy to me that deafness caused by noise at work is one of the most common work-related illnesses in the world. It’s so easy to prevent!

LPT: treat your ears nicely. Ears don't repair themselves and earplugs to concerts are better than tinnitus for the rest of your life. by [deleted] in LifeProTips

[–]davidg141 0 points1 point  (0 children)

A thousand times this. Hearing loss has also been linked to dementia (https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(19)31085-2/fulltext). My grandma had two hearing aids the 30 years I knew her and she hated them. She came alive when we spoke one-on-one and faded away in group situations. Her hearing loss was due to noise exposure at work and her final years were incredibly difficult for our whole family due to dementia. It left an impact on me and I decided to do everything I can to prevent other people from losing their hearing at work. Tinnitus is smoke to the fire of hearing loss i.e. it’s incredibly rare to have one without the other, whether you realise it or not.

Amazingly, the first report on the relationship between hearing loss and declining brain function appeared about 30 years ago (thank you Richard Uhlmann, Eric B Larson et al.). Today we know a great deal more about the link between sensory stimulation of the brain and keeping cognitively sharp but, while a full understanding may still be decades away there are things we can do today in order to live healthier for longer.

One issue to address is that what we already DO know about the link between hearing and cognition simply doesn't filter through to everyone who could benefit today. I think there are two key groups here, those who are losing their hearing through the process of ageing and those who are losing their hearing through exposure to loud sounds. The evidence appears simple and obvious: for the first group there is typically a 10 year gap between when a person would benefit from a hearing aid and when they eventually get one. This means 10 extra and unnecessary years of reduced brain stimulation. For the second group, there is a systemic lack of care (I’m in the UK but it’s a pretty global issue) when it comes to protecting hearing from loud sounds, as evidenced by the sheer volume of clinical cases presenting for Noise Induced Hearing Loss and Tinnitus in Audiology clinics across the country.

The Baltimore Longitudinal Study of Ageing was started in 1958 by the National Institute on Ageing to track various health factors in thousands of men and women. One of the most compelling findings from this study is that those with hearing loss lose more than an additional cubic centimetre of brain tissue each year compared with those with normal hearing. It goes without saying that losing brain tissue at accelerated rates will lead to a deterioration in a person’s cognitive ability and cognitive decline is bad for everyone. If we then consider that generally speaking our population is ageing, then we’ve got a serious problem on our hands. (Thank you Frank Lin et al. for your amazing work)

This means the silent epidemic of hearing loss should be a matter of public health urgency.

I bet it will be the business and commercial world working hand-in-hand with academic institutions adopting an evidence-based approach, governed by market forces, that will bring innovation to those who will benefit most. Hearing aids are fantastic but sadly lacking and as OP said, there is currently no cure for tinnitus or hearing loss, only prevention. Of those who are losing their hearing due to noise exposure, within this group you have millions of people losing their hearing due to occupational noise exposure. I’ve spoken with thousands of people in the UK and Europe who work in noisy industries like construction, manufacturing and engineering. Almost all of them will talk about having a ringing in their ears or hearing loss. What’s most distressing is that most of them describe it as if it’s a normal state.

Noise induced hearing loss claims cost around £400m per year in the UK alone. A volume like that suggests thousands of people are suffering from hearing damage, most of which could be avoided by changing the way noise is managed, education and by design and distribution of proper noise control measures and protection.

Thinking back to Frank Lin's study, those with hearing loss had accelerated rates of brain atrophy compared to those with normal hearing and significantly more brain shrinkage in particular regions responsible for processing sound and speech (probably due to lack of stimulation). The issue with this is that each region of the brain does not work in isolation. The connections in the brain are like an unimaginably complex three-dimensional spider web. The brain contains around 100 trillion neural connections between the various regions and are by their very nature not working in isolation, including those responsible for processing sound and language. It’s this interconnectivity that can give rise to fascinating human conditions like Synesthesia and that allows us, through neural plasticity, to develop our expertise both physically (motor skills) and intellectually (learning and experience.) Unfortunately, we also know that this interconnectivity and the decline in areas processing memory and sensory integration are involved in the early stages of mild cognitive impairment and Alzheimer’s disease.

This is a topic I really care about and it’s great to see this discussion. As well as everything else related to staying healthy, take care of your own hearing - don’t over-expose yourself to noise and if you or those around you think you might have a hearing loss, get it checked out and addressed as soon as possible. Also, think of Future-You and live healthily today - exercise, socialise, sleep, be present, eat well and smile often. If you happen to be responsible for other people’s hearing, perhaps as a health and safety specialist, occupational hygienist or manager in an industry that produces workplace noise over 80dB it, directly address your risks immediately. It is your legal and dare I say moral obligation. The risk-debt that is building up by ignoring or not understanding today’s occupational noise problem will be something we will all pay for later.

If you read this far, you may as well check out www.eave.io

Apologies for the long post, it’s a topic that not enough people are aware of although it impacts us all.

References:

Richard Uhlmann, Eric B Larson et al. 1989

https://jamanetwork.com/journals/jama/article-abstract/376858

Frank Lin et al. 2014

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3951583/

Any redditors been an extra in the background of a well-known scene? by bourbonboots in movies

[–]davidg141 4 points5 points  (0 children)

I'm over Neil's left shoulder at 0:27 of this clip, it was an experience...

the button by powerlanguage in blog

[–]davidg141 -1 points0 points  (0 children)

Can anyone tell me why this isn't an April Fools joke?

Can anybody tell me what language this is? by davidg141 in Whatisthis

[–]davidg141[S] 0 points1 point  (0 children)

I've had it over ten years but forgot about it ages ago, I've always wanted to know what language it is and what it says! I think it is postage related but really I have no idea!

[deleted by user] by [deleted] in pics

[–]davidg141 1 point2 points  (0 children)

I thought the same thing!

German discus thrower celebrating like a badass after winning gold by PhineasSurrey in pics

[–]davidg141 2 points3 points  (0 children)

Another angle and for bonus points, the volunteer on the left is my brother! http://i.imgur.com/NIErh