Portfolio Review and Exit Decision System

Buying well is learnable. The harder skill — and the one that determines long-run returns — is knowing when to hold, when to add, and when to walk away from something you own.

Why This Matters

Most value investors have a rigorous entry process and a vague exit process. This asymmetry is expensive: exits made too early truncate compounding; exits made too late convert paper losses into permanent capital destruction. This decision system structures the quarterly review into three categories — hold conditions, add conditions, and exit triggers — so that every sell decision is driven by thesis logic rather than price action or emotion.