Thesis Drift
The gradual divergence between a position's original written thesis and the reasons the analyst is now holding it. Drift is the most common cause of slow-moving losses: the original catalyst slipped or changed, but the analyst rationalized continued holding by quietly adopting a new and weaker thesis without writing it down or applying the same sizing discipline they would apply at fresh initiation. The defense against drift is the periodic thesis re-write — at least quarterly — that compares the current rationale to the initiation memo and forces an explicit decision when the two diverge.
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Absorption Rate · AFFO per Share · Allowed Return on Equity · Alternative Investments · Anchor Tenant · Assets Under Management
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