I was on an expansion call yesterday with two peers.

One of the peers spoke about being first to join.

He has a track record of joining big movements first.

I wondered “why don’t I join movements first?”

Is it that I want to wait to see who does it first?

Is it that I want to wait until the price increases?

Or is it that I am waiting for more data to show up?

I bet it’s all three, sometimes or most of the time.

Or maybe, it’s risk and the appearance of risk.

Which we know aren’t the same thing.