Decision Journal

Quarterly loop (Ops Manual §5.1, IPS §4.8) — owned positions only; the followed universe is refreshed on its own board (§5.2) and never opens a card here. One card per position and quarter, opened by the ingested 10-K / 10-Q, verified against the Underwriting Record in force (baseline). Each upload declares a diagnosis and, separately, an act. Diagnosis: thesis_intact, thesis_evolved → PREMORTEM_v<N>_<date>, thesis_broken → Sell Record (§5.3) or re-subscription record. Act: ADD, TRIM or SELL; no act is HOLD. Selling does not require a broken thesis; with a broken thesis ADD is not allowed. A Sell Record attaches to a re-underwriting with act SELL or thesis_broken. Pending review escalates to the CIO at day 60 (§5.1). Outcome chosen at upload is checked against the §8 Final Conclusion of the document. No threshold acts on its own; kills are processed here.

Post-mortems of closed positions (§5.3): thesis_outcome played_out / partially / failed and the failure mode triggered when applicable. The post-mortem lives inside the Sell Record and is listed here by reference; a separate lessons document can be added. Mirrored to Data Room ▸ Decision Journal ▸ Lessons Learned.