Few things,
known well.
Rinaudo Capital runs a concentrated book of public equities, held for years rather than quarters. Conviction is built in the open, tested by the desk, and recorded in full. What follows is how a thesis becomes a position.
A name is put forward with a written argument. Specific, falsifiable, and short enough to defend in two sentences.
→The desk weighs in — buy, hold, or sell. Conviction has to survive a crowd before it touches capital.
→Winning theses are sized to the strength of the vote, not to a model. Strong belief earns weight; doubt earns patience.
→The position enters the book, marked daily and visible to every member. Held until the thesis breaks or the price does the work.
We measure positions in years. A book that turns over slowly compounds quietly; one that churns pays the spread to everyone but itself. Time in a good name beats timing a great one.
A handful of names we understand deeply will always beat a hundred we hold by reflex. Diversification is a hedge against ignorance; we would rather remove the ignorance.
Most days the right trade is no trade. Cash is a holding with optionality, and the discipline to wait for the obvious is the edge that survives every cycle.
Each call is timestamped and public — entries, exits, wins, and losses alike. A track record you can audit is the only kind worth keeping.