This is the final part of Michael Mauboussin’s series of ten attributes of successful investors. You can read the first four parts here in case you missed them — Part 1, Part 2, Part 3 and Part 4. 9. Position sizing Position sizing refers to the adjustment of the size of an investment position according to its perceived risks and rewards. Mauboussin argues that position sizing can make a big difference in returns and performance, even for two investors who own the same companies within their investment portfolio. Position sizing does not receive quite enough attention in general as most investors are focused on what to buy, rather than how much to buy. It’s important to note that your investment performance relies not only on how much money you make when you’re right but also on how much you lose when you’re wrong. So how should you size your position for any stock?...