A thing we say internally, often: it is fine to not have a view. The industry rewards the appearance of conviction. Every macro question gets a confident answer at every dinner. Every sector gets a thesis. Every founder meeting ends with a read. The signaling pressure is real, and most of it is noise. The partners we admire most are the ones who can sit in a partner meeting and say "I do not know yet" without flinching. They will spend three weeks getting to a view that others arrive at in three minutes — and the view they arrive at, when they do, tends to hold up. What we screen for in our own process: are we forming a view because we have done the work, or because the room expects us to have one? If the latter, we wait. The opportunity cost of waiting is almost always lower than the cost of being wrong loudly. This is not a strategy. It is a temperament. We hire for it.
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Notes are informal observations from the Beckett team and do not constitute investment advice or an offer of any security.