Our sell discipline
We sell a stock if our original company thesis changes. For example, the management team changes, new competitors enter the market, the company decides to move in a different direction, or other significant changes. If our core investment thesis is broken, we sell.
We also sell, or trim, holdings as their valuation changes. If there is an unwarranted short-term increase in price we will trim back, and then look to buy back up when the price comes down.