When the consensus is wrong, the spread is in being early and loud. We size up where the room is small and lever down when the room gets crowded.
We size up where the consensus is thin — into sectors while they're still contested and underpriced, and small enough to move before the room fills.
When the trade gets popular, we get smaller. Conviction is sized inversely to confidence.
We say it out loud. Every miss gets written down, and most of the lessons we trade on came from there.