Once per month, I review:
- whether my decisions held to the risk-vs-near-riskless standard — and whether my cash level is an earned residual of that test, not a hiding place,
- whether any thesis changed (not just price),
- whether investing is consuming too much attention.
The goal is to stay in the game, not to “win every month”.
(Through March 2026 this review tracked drift against fixed core/tactical allocation bands. The Playbook v2.0 rewrite retired those bands; from April 2026 on, the lens is R/D discipline and whether cash is earned rather than hidden behind.)
A quiet April convalescence after the Iran war, then the real event of the period: a ground-up rewrite of the Playbook (v2.0) that retired the sleeve/band framework for an R/D-vs-near-riskless standard — followed by a high-density, FOMO-tinged re-engagement (PDD build, a defense sleeve, the first swing trades) and an unusually rich set of behavioral guardrails.
First geopolitical stress test: the Iran war, a PGR capitulation that closed a nine-month accumulation, and a TACO ceasefire that broke my single-scenario plan. Discipline held; pre-committed action framework did not.
Valuation rotation during software-mageddon: selling expensive SPX beta for discounted quality names, while cleaning up weak positions. Key debate: was this a smart rotation or a structural violation?
Core build under a violent gold swing; upgrading execution rules and controlling attention cost.