Each position is governed by a written thesis, risk assessment, and exit rule.
Portfolio Lab
Conviction made accountable.
Positions and decision reviews are organized around the position thesis, operating evidence, competitive advantage, explicit risk, thesis invalidation, and what changed.
Core asset allocation and concentrated long-term compounders are reviewed separately.
Candidates remain in research until evidence, valuation, and structure align.
Post-investment reviews translate execution errors into explicit process changes.
Core asset allocationStrategic
Long-term compoundersConcentrated
Active positionsTactical
Framework visualization only · not portfolio weights or real-time brokerage dataPortfolio rules
The process travels with the position.
01
Position thesis
Write the business change and expected evidence before entry.
02
Add level
Increase exposure only when the company and stock confirm the thesis.
03
Risk rule
Define what would disprove the thesis, not only a percentage stop.
04
Exit rule
Respond to failed structure, material deterioration, or invalidation.