‘An investment thesis is not a religion’: $44 billion CIO warns you need to figure out how you might lose money, not just make it
- Posted on April 22, 2026
- By Fortune
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- 1 min read
‘An investment thesis is not a religion’: $44 billion CIO warns you need to figure out how you might lose money, not just make it

Farallon Capital's Nicolas Giauque says the secret to nearly four decades of outperformance comes down to one core habit: always knowing how you're wrong.