Selling discipline

The rules that decide when a holding leaves the portfolio.

Three legitimate reasons exist: the thesis was wrong, the thesis played out and the price now reflects it, or a better use of the capital has appeared. Everything else is noise, and price movement alone is not a reason in either direction.

Selling is harder than buying because it involves admitting an error or forgoing further gains, and because there is no equivalent of the research process to lean on.

Write the sell conditions when you buy. That is the only time you will be objective about them.