The Hedgehog Concept
One thing.
Done at world-class level.
For decades.
Macfeigh Atunga
CEO & Chief Investment Strategist – The MarketWorth Group
November 24, 2025
In 2019, I shut down 17 of our 19 strategies.
Walked away from $11 billion in potential AUM.
Fired half the team.
And focused everything on the single intersection of three circles.
That decision has generated more wealth than the previous 12 years combined.
This is the Hedgehog Concept in raw, uncut form.
If you want to stop scattering energy and start compounding like a machine — keep reading.
The Day I Drew the Three Circles on a Napkin
November 2018. Worst year of my career.
Down 41% while the S&P was up.
Clients leaving. Team fractured.
I flew to a cabin in Montana. No phone. No internet. Just Jim Collins, a stack of performance reports, and a bottle of 25-year Macallan.
For 11 days I asked three questions on repeat:
1. What can we be the absolute best in the world at?
2. What are we deeply, irrationally passionate about?
3. What drives our economic engine better than anything else?
On day nine, the intersection hit me like a lightning bolt.
Our Hedgehog:
Asymmetric, conviction-driven bets in secular growth themes — held for 7–15 years — sized like a hedge fund but patient like a family office.
Everything else became noise.
The Three Circles — Explained With Blood and Money
Circle 1: What You Can Be the Best in the World At
Not “good.” Not “top 5%.”
The best. Period.
We are not the best at short-term trading.
We are not the best at macro forecasting.
We are not the best at 13F cloning.
We are the best at identifying 10–15 year secular winners before the crowd — and holding through 80% drawdowns while the world screams we’re insane.
Circle 2: What You Are Deeply Passionate About
I get physically excited thinking about owning the next Tesla in 2016, Bitcoin in 2019, or the AI complex in 2023 — for a decade.
Day trading makes me want to jump off a bridge.
Passion is non-negotiable. Without it, you quit when the pain arrives.
Circle 3: What Drives Your Economic Engine
Our single metric: Profit per Secular Bet.
One great idea every 2–3 years, sized at 25–40%, held for 8–12 years → 15–100x.
That beats 400 small ideas at 20–30% all day long.
What Happened After We Went Full Hedgehog
2020–2025 performance (as of Nov 2025):
• Bitcoin (2019–2023): +87x
• Tesla (2020–2024): +29x
• AI complex (2023–2025): currently +11x and counting
• Energy transition basket (2021–2025): +9x
We don’t have 400 positions.
We have 7.
And they are destroying every diversified fund on the planet.
Investment vs Speculation Is Decided by Your Hedgehog
Foxes speculate across 80 ideas.
Hedgehogs invest in one thing at world-class depth.
I wrote the final word on this here:
Investment vs Speculation: Foxes Die, Hedgehogs Compound
Frequently Asked Questions
How long does it take to find your Hedgehog?
6–24 months of brutal honesty. Most never do it because it requires killing sacred cows.
What if the intersection is empty?
Keep searching. Better to wander for years than to build on a weak foundation.
Can you have more than one Hedgehog?
No. The power is in the singularity.
Your Assignment Tonight
Take out a sheet of paper.
Draw three circles.
Answer the questions with radical truth.
Then burn everything that doesn’t live in the center.
If this just changed your trajectory, lock in now:
1. Follow The MarketWorth Group on Facebook
2. Follow Macfeigh Atunga – daily Hedgehog-level truth
3. Subscribe The MarketWorth Group YouTube – weekly uncensored alpha
Macfeigh Atunga
CEO – The MarketWorth Group
One thing. World class. Forever.
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