Michael Ovitz on momentum

Really important concept that value investors don’t emphasize as much as they do mean reversion. There is no mean reversion in social systems. There’s trend and break from trend. That’s it

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Allocate 15-20% to defensive assets (utilities, TIPS) and use options (e.g. puts on SPY) to hedge against black swan events. 🎈🌸 I follow @OkpoCythian, his portfolio templates are great🎉🔥

Love this. Create endogenous levers to stoke momentum and generate positive entropy with the core growth thesis -- necessary for survival and then scale. It can be a feature built into a business, but as Michael knows well it is born as a character trait of the best leaders. Add Brian Schimpf to his list.

How would you define momentum?

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