Conviction plays (CP) - The downsides
1/ With all those hours of DD, you can't escape getting attached. Attached to the mgmt team, the deposit, the future, the story, the fellow shareholders.

2/ IF you share publicly, You'll become a go to person for others to help interpret recent developments. Making it harder to break your bond with the stock eventually. They will want to borrow your ideas, but not pay to get your level of conviction. Don't let it get personal.

3/ When to sell becomes a real issue. Set expectations around milestones? Timelines? "Delays are everywhere" "The market will get it eventually" "Comps show we are cheap" You can always find an excuse.

4/ Do I know a better place to put my money? Getting back on the market as a single, it's not fun for everyone. Back out there, back to dating, back to getting to know the stories & teams from zero.

5/ "Sit tight & be right" can become "Sit tight & pay the opportunity costs". The "be right" part is not guaranteed. And as a CP is normally sized accordingly, it can get costly.

6/ CPs make you lazy. With most money tied up in LT conviction plays, you'll be less motivated to 'keep up' with all other market stories. Why invest all that time when you are 'sitting tight" just to be tempted to jump onto other interesting stories?

The quote "Don't get married to a stock" & "Don't get emotionally attached" refers well to the problems you can have with CPs gone wrong. It's painful, it's costly, it's probably even personal at this point. "Is this sector even for me?"

On the flip-side, CPs that do well can be life changing. The holy grail of "A few good trades is all you need in life", requires you to allocate significant %'s to CPs