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Fortune

Nick Lichtenberg

‘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

Goldman Sachs MCI

nicolas (Credit: Lam Yik—Bloomberg/Getty Images)

In an era of trillion-dollar bets on AI and whiplash-inducing market swings, Nicolas Giauque has a blunt message for investors who’ve grown too comfortable with their conviction: Check yourself.

“An investment thesis is not a religion,” said Giauque, managing partner and chief investment officer of Farallon Capital Management, in a recent interview on Goldman Sachs’ Exchanges: Great Investors podcast, previewed exclusively with Fortune. “It should be provably wrong. If you haven’t figured out how you can lose money, you haven’t thought long enough.”

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