Note 04
Research note
What the bear agent is for
Every idea is argued against before it trades. The agents arguing against it are the most important part of the fund.
Every idea in the fund is argued for and against before it trades. Half of the agents in each debate are told to find the reason not to.
We judge the bears by how often they are right about what goes wrong, not by how often they win. A bear that always wins is as useless as one that never does.
Most ideas do not survive the argument. That is the point.