From this process, Royston Lim and his team have learned several key lessons:

1. The importance of conducting thorough research: The team conducted extensive research on each position, including analyzing industry reports, company financials, and analyst presentations. This allowed them to make informed decisions based on fundamental analysis.

2. The need for clarity on key factors: In the case of the Telstra position, the team needed clarity on the timeframe for the rollout of 5G technology. They recognized the importance of staying updated on relevant information and adjusting their positions accordingly.

3. Managing risk: Lim recognized the need to manage the near-term risk of further weakness in the Telstra position. He trimmed the position and set a hard stop to limit potential losses. This demonstrates the team’s focus on risk management and protecting the fund’s performance.

4. Evaluating different perspectives: The team considered different perspectives on the iRobot position, including input from bullish analysts and their own channel check data. They ultimately made a decision that balanced the differing views, highlighting the importance of considering multiple viewpoints when making investment decisions.

5. Recognizing market irrationality: The team found it difficult to identify a fundamental reason for the continued weakness in Quanta stock. They recognized that the market may not always be rational and that stock prices can deviate from their fundamental value. This highlights the importance of understanding market dynamics and being able to identify potential mispricings.

Overall, this process has taught Lim and his team the importance of thorough research, clarity on key factors, risk management, considering different perspectives, and recognizing market irrationality. These lessons will likely inform their future investment decisions and help them navigate volatile markets.