Management

Managing the positions.

How positions are sized, added to, trimmed, and watched once they are in the book. The discipline that turns a thesis into a managed exposure.

Trim vs cut: two very different decisions

Selling part of a position and selling all of it look similar from the outside. They are opposite decisions based on opposite diagnoses.

"Let it run" is not a complete strategy. You need to know in advance what would actually change your mind.

A 10% gain sounds good — until inflation was 7% and gold rose 12%. Two honest checks beyond the number on your app.

Monthly is enough for a sanity check. Quarterly is enough for rebalancing. Anything more invites noise-driven decisions.

Sell only when the reason to sell is stronger than the cost of the tax. The goal isn't to never sell — it's to never sell unnecessarily.

Cash inside the portfolio is a protection sleeve. Cash outside the portfolio is your personal floor. They are not the same thing.

Each tool has a specific job. Beginners default to the wrong one.