Another important point to emphasize is that a small percentage of huge winners account for the bulk of Driehaus’s superior performance. You don’t have to be right the majority of the time, but you do have to take advantage of the situations when you are right. Achieving this dictate requires two essential elements: taking larger positions when one has a high degree of confidence (e.g., Home Shopping Network was Driehaus’s largest position ever) and holding such positions long enough to realize most of the potential. The latter condition means avoiding the temptation to take profits after a
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