Dimitry Nakhla | Babylon Capital®
RT @DimitryNakhla: Bill Ackman on Psychology of Investing 🧠

“You have to get excited when things get cheaper and get concerned when things get more expensive… Stocks can trade at any price in the short term. If you know what a business is worth and understand it extremely well, volatility bothers you much less…

It’s a combination of being personally secure and knowing what you own. Over time, you build calluses… I’m a pretty emotional person — but not in investing.”

𝐓𝐡𝐞 𝐥𝐞𝐬𝐬𝐨𝐧: 𝘛𝘦𝘮𝘱𝘦𝘳𝘢𝘮𝘦𝘯𝘵 𝘤𝘰𝘶𝘱𝘭𝘦𝘥 𝘸𝘪𝘵𝘩 𝘢 𝘥𝘦𝘦𝘱 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥𝘪𝘯𝘨 𝘰𝘧 𝘵𝘩𝘦 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴𝘦𝘴 𝘺𝘰𝘶 𝘪𝘯𝘷𝘦𝘴𝘵 𝘪𝘯 𝘪𝘴 𝘢 𝘤𝘰𝘮𝘱𝘦𝘵𝘪𝘵𝘪𝘷𝘦 𝘢𝘥𝘷𝘢𝘯𝘵𝘢𝘨𝘦.
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1️⃣ 𝐏𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐬𝐢𝐳𝐢𝐧𝐠 𝐚𝐧𝐝 𝐬𝐮𝐫𝐯𝐢𝐯𝐚𝐥 𝐩𝐬𝐲𝐜𝐡𝐨𝐥𝐨𝐠𝐲

Large drawdowns don’t just test portfolios — they test 𝘣𝘪𝘰𝘭𝘰𝘨𝘺.

Sharp declines can trigger the same fight-or-flight response governed by the 𝘢𝘮𝘺𝘨𝘥𝘢𝘭𝘢.

When that switch flips, decision-making shifts from logic → survival.

𝐀𝐜𝐤𝐦𝐚𝐧’𝐬 𝐢𝐧𝐬𝐢𝐠𝐡𝐭: 𝘐𝘯𝘷𝘦𝘴𝘵 𝘢𝘮𝘰𝘶𝘯𝘵𝘴 𝘵𝘩𝘢𝘵 𝘢𝘭𝘭𝘰𝘸 𝘺𝘰𝘶 𝘵𝘰 𝘳𝘦𝘮𝘢𝘪𝘯 𝘱𝘴𝘺𝘤𝘩𝘰𝘭𝘰𝘨𝘪𝘤𝘢𝘭𝘭𝘺 𝘢𝘯𝘥 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭𝘭𝘺 𝘤𝘰𝘮𝘧𝘰𝘳𝘵𝘢𝘣𝘭𝘦. 𝘞𝘩𝘦𝘯 𝘴𝘶𝘳𝘷𝘪𝘷𝘢𝘭 𝘪𝘯𝘴𝘵𝘪𝘯𝘤𝘵𝘴 𝘢𝘳𝘦𝘯’𝘵 𝘢𝘤𝘵𝘪𝘷𝘢𝘵𝘦𝘥, 𝘳𝘢𝘵𝘪𝘰𝘯𝘢𝘭𝘪𝘵𝘺 𝘴𝘶𝘳𝘷𝘪𝘷𝘦𝘴 𝘷𝘰𝘭𝘢𝘵𝘪𝘭𝘪𝘵𝘺.
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2️⃣ 𝐂𝐨𝐧𝐯𝐢𝐜𝐭𝐢𝐨𝐧 𝐜𝐨𝐦𝐞𝐬 𝐟𝐫𝐨𝐦 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠

Volatility feels very different when you deeply understand:

What the business is worth

The fundamental drivers of value

The durability of its moat

𝘞𝘩𝘦𝘯 𝘱𝘳𝘪𝘤𝘦 𝘧𝘢𝘭𝘭𝘴 𝘣𝘶𝘵 𝘪𝘯𝘵𝘳𝘪𝘯𝘴𝘪𝘤 𝘷𝘢𝘭𝘶𝘦 𝘳𝘦𝘮𝘢𝘪𝘯𝘴 𝘪𝘯𝘵𝘢𝘤𝘵, 𝘥𝘪𝘴𝘤𝘰𝘮𝘧𝘰𝘳𝘵 𝘤𝘢𝘯 𝘵𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮 𝘪𝘯𝘵𝘰 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘺. 𝘐𝘧 𝘺𝘰𝘶 𝘬𝘯𝘰𝘸 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘰𝘸𝘯, 𝘥𝘦𝘤𝘭𝘪𝘯𝘦𝘴 𝘣𝘰𝘵𝘩𝘦𝘳 𝘺𝘰𝘶 𝘭𝘦𝘴𝘴. 𝘖𝘧𝘵𝘦𝘯, 𝘵𝘩𝘦𝘺 𝘣𝘦𝘤𝘰𝘮𝘦 𝘮𝘰𝘮𝘦𝘯𝘵𝘴 𝘰𝘧 𝘦𝘹𝘤𝘪𝘵𝘦𝘮𝘦𝘯𝘵 — 𝘵𝘩𝘦 𝘤𝘩𝘢𝘯𝘤𝘦 𝘵𝘰 𝘢𝘤𝘤𝘶𝘮𝘶𝘭𝘢𝘵𝘦 𝘮𝘰𝘳𝘦 𝘢𝘵 𝘣𝘦𝘵𝘵𝘦𝘳 𝘱𝘳𝘪𝘤𝘦𝘴.
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3️⃣ 𝐊𝐧𝐨𝐰 𝐲𝐨𝐮𝐫𝐬𝐞𝐥𝐟

Ackman openly acknowledges being emotional. That honesty is critical.

“𝘛𝘩𝘦 𝘧𝘪𝘳𝘴𝘵 𝘱𝘳𝘪𝘯𝘤𝘪𝘱𝘭𝘦 𝘪𝘴 𝘵𝘩𝘢𝘵 𝘺𝘰𝘶 𝘮𝘶𝘴𝘵 𝘯𝘰𝘵 𝘧𝘰𝘰𝘭 𝘺𝘰𝘶𝘳𝘴𝘦𝘭𝘧 — 𝘢𝘯𝘥 𝘺𝘰𝘶 𝘢𝘳𝘦 𝘵𝘩𝘦 𝘦𝘢𝘴𝘪𝘦𝘴𝘵 𝘱𝘦𝘳𝘴𝘰𝘯 𝘵𝘰 𝘧𝘰𝘰𝘭.” — Richard Feynman

We’re all human.

𝐅𝐞𝐞𝐥𝐢𝐧𝐠 𝐞𝐦𝐨𝐭𝐢𝐨𝐧 𝐢𝐬 𝙣𝙤𝙧𝙢𝙖𝙡.

𝐀𝐜𝐭𝐢𝐧𝐠 𝐢𝐦𝐩𝐮𝐥𝐬𝐢𝐯𝐞𝐥𝐲 𝐢𝐬 𝙤𝙥𝙩𝙞𝙤𝙣𝙖𝙡.

Great investors build systems:

Preset rules

Allocation frameworks

Behavioral guardrails

Over time, experience itself becomes conditioning.

Just as @davidgoggins speaks about 𝙘𝙖𝙡𝙡𝙤𝙪𝙨𝙞𝙣𝙜 𝙩𝙝𝙚 𝙢𝙞𝙣𝙙 𝙩𝙝𝙧𝙤𝙪𝙜𝙝 𝙧𝙚𝙥𝙚𝙖𝙩𝙚𝙙 𝙨𝙩𝙧𝙚𝙨𝙨, 𝙞𝙣𝙫𝙚𝙨𝙩𝙤𝙧𝙨 𝙗𝙪𝙞𝙡𝙙 𝙥𝙨𝙮𝙘𝙝𝙤𝙡𝙤𝙜𝙞𝙘𝙖𝙡 𝙧𝙚𝙨𝙞𝙡𝙞𝙚𝙣𝙘𝙚 𝙩𝙝𝙧𝙤𝙪𝙜𝙝 𝙧𝙚𝙥𝙚𝙖𝙩𝙚𝙙 𝙚𝙭𝙥𝙤𝙨𝙪𝙧𝙚 𝙩𝙤 𝙫𝙤𝙡𝙖𝙩𝙞𝙡𝙞𝙩𝙮.

You develop “mental calluses.”

𝙑𝙤𝙡𝙖𝙩𝙞𝙡𝙞𝙩𝙮 𝙨𝙩𝙤𝙥𝙨 𝙛𝙚𝙚𝙡𝙞𝙣𝙜 𝙡𝙞𝙠𝙚 𝙙𝙖𝙣𝙜𝙚𝙧 — 𝙖𝙣𝙙 𝙨𝙩𝙖𝙧𝙩𝙨 𝙛𝙚𝙚𝙡𝙞𝙣𝙜 𝙡𝙞𝙠𝙚 𝙥𝙖𝙧𝙩 𝙤𝙛 𝙩𝙝𝙚 𝙥𝙧𝙤𝙘𝙚𝙨𝙨.
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Video: Lex Fridman Poscast (02/20/2024) @BillAckman
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Illiquid
🤔 anyway I got the idea from someone buying theme parks so I guess nothing is really original. https://t.co/yvHOdEDTun

$dis is entering AI age of abundance with valuable in-person experiences (cruises, theme parks), valuable IP, and declining production costs (video models) at 15 p/e. - Illiquid
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Michael Fritzell (Asian Century Stocks)
RT @GuastyWinds: After 2 awesome years in the US I’ve decided to move back home to pursue an exciting opty. outside of public markets (will share more at some point). On the side I’ll still be trading and sharing ideas - stay tuned for a big one coming next week!
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Benjamin Hernandez😎
China’s probe into its top military general jolted markets, raising uncertainty around leadership stability. Geopolitical risk could drive volatility in defense and China-linked stocks.

$LMT $NOC $FXI https://t.co/JkuE0mAgCR
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Michael Fritzell (Asian Century Stocks)
RT @jptissot1: https://t.co/WrgU6oIUfx
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Michael Fritzell (Asian Century Stocks)
RT @grok: Based on recent reports, Goldman's AI-Proof long/short software basket includes:

Long: Cloudflare (NET), CrowdStrike (CRWD), Palo Alto Networks (PANW), Oracle (ORCL), Microsoft (MSFT)

Short: https://t.co/jbyY4OBjkJ (MNDY), Salesforce (CRM), DocuSign (DOCU), Accenture (ACN), Duolingo (DUOL)
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Chips & SaaS
RT @TheETFTracker: Here are Vanguard’s top 15 ETFs ranked by 5-year average annual return:

🥇 $VDE Energy ETF: +25.89% 🟢
🥈 $VGT Information Technology ETF: +17.11% 🟢
🥉 $VIS Industrials ETF: +15.68% 🟢
4. $MGK Mega Cap Growth ETF: +15.59% 🟢
5. $MGC Mega Cap ETF: +15.44% 🟢
6. $VOOG S&P 500 Growth ETF: +15.18% 🟢
7. $VONG Russell 1000 Growth ETF: +15.11% 🟢
8. $VFH Financials ETF: +15.09% 🟢
9. $VFMF U.S. Multifactor ETF: +14.99% 🟢
10. $VOO S&P 500 ETF: +14.97% 🟢
11. $VUG Growth ETF: +14.57% 🟢
12. $VV Large-Cap ETF: +14.40% 🟢
13. $MGV Mega Cap Value ETF: +14.20% 🟢
14. $VFVA U.S. Value Factor ETF: +14.08% 🟢
15. $VONE Russell 1000 ETF: +14.04% 🟢
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Lumida Wealth Management
Hyperscaler's Capex as % of OCF is projected to reach 92% in 2026. 

Capex is tricky for stock performance. 

You are essentially spending today to have a probable ROI in future. 

If market fears weaker returns, you see stocks struggle. 

That's exactly what we have seen with $MAGS in last few weeks. 

Let's discuss in today's newsletter: https://t.co/aIPxSPfj4h
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Michael Fritzell (Asian Century Stocks)
RT @MikeZaccardi: Going back to 1995, the US has never performed worse compared to international stocks YTD @augurinfinity https://t.co/CmW6UxKOnq
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Bourbon Capital
Soros Fund’s largest holding is $AMZN, and they keep adding more shares.....

They bought 1.8M shares in Q3 2025
and 133,385 shares in Q4 2025

Long $AMZN https://t.co/7g9tv6HK33

George Soros’s largest holding is $AMZN, which is unusual as the fund rarely allocates more than 8% of its total portfolio to a single position

They bought 1.8 million shares last quarter.... https://t.co/wfYyZu14fq - Bourbon Capital
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