The wolverine hunts where it has the advantage
The wolverine weighs 40 pounds.
It holds its ground against grizzly bears over a kill — not by matching them in size, but by concentrating its energy where its specific build gives it an edge.
Most institutional portfolios work the opposite way. Capital spreads across 80 positions, conviction thins, and returns tend to converge with the index. The manager holding 80 names often can't explain why position 47 is in the book. That's dilution of judgment, not diversification.
At Eagle Talon, we run the portfolio the same way the wolverine hunts. Every position earns its place against the others already in the book. If a new idea isn't stronger than the weakest current holding, it doesn't get in. That bar forces decisions that 80-position portfolios never have to make.
How many positions in your portfolio would you still hold if you had to choose only 10?
