What We Sold, and the Rule That Forced Us To
Two exits this quarter, neither on valuation. Both tripped a pre-written governance trigger. The discipline is worth more than either position was.
Every position we open comes with a written sell condition, agreed before we buy and never revised while we hold.
The purpose is not to be clever. It is to remove our own judgement at exactly the moment our judgement is least reliable — when we are already invested and looking for reasons to stay.
A rule you only follow when it is comfortable is not a rule. It is a preference.
Both exits this quarter were governance triggers, not valuation calls. Neither company had reported bad numbers.
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This note is research, not advice. It does not account for your financial situation or objectives. Positions described may be held by Altius Compounding or its principals.
