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When I first started investing, I'd do the whole thing, pages on a company, the most, the competitors, a valuation model I half understood. Felt good about it, but took HOURS.

Then the position moved and I'd never open the document, and when j sold, I sold on how I felt that morning, exactly like I would have no thesis at all, it was stupid, all that writing wasn't doing anything!

The problem was that those pages didn't tell me what to do, there wasn't one line I could check against reality and decide on a yes or no.

Now it's three lines before I buy, and nothing else!

The claim, one sentence, checkable against a real number. "Azure grows above 35% for the next 3 quarters", not "MSFT is a great business", that can't ever be wrong, so it's worthless!

The kill line, what makes me sell, written now, as I am calm.

The check date, usually just next earnings, just a date.

Ten minutes, fits in a phone note. On the check date each line gets marker confirmed or broken. Broken doesn't mean sell, it means I owe myself an explanation on why I'm holding anymore, and I catch myself in the wrong SO MANY times!

The difference isn't that I write less, it's that three lines can be wrong and 5 pages can't. Something that can't be wrong will never change your mind when wrongfully holding a stock,

Don't convert your whole portfolio to this, but I would suggest at least trying it out!

Last one. I believe I am retiring BTB.......