With momentum negative, we have to look at our portfolio and ask five questions today... Question 2: Who is the marginal seller if this gets worse? Prices are not set by long-term investors in moments of stress. They’re set by whoever has to sell next . That’s leverage. That’s risk models. That’s volatility control, margin calls, and forced deleveraging. If a stock is owned by players who sell mechanically when volatility rises, fundamentals don’t matter at the onset. The selling has to finish first. Our next question will focus on hidden assumptions inside our investments.
Published Jan 21, 2026Updated Jan 21, 20262 min read
With momentum negative, we have to look at our portfolio and ask five questions today... Question 2: Who is the marginal seller if this gets worse? Prices are not set by long-term investors in moments of stress. They’re set by whoever has to sell next . That’s leverage. That’s risk models. That’s volatility control, margin calls, and forced deleveraging. If a stock is owned by players who sell mechanically when volatility rises, fundamentals don’t matter at the onset. The selling has to finish first. Our next question will focus on hidden assumptions inside our investments.
