2026-05-18

Yes. This is the right rule, but make it mechanical. Your pattern is clear: in strong tape, you stop treating buys as decisions and start treating them as participation. That is how gross/net creeps up, optionality disappears, and then the next dip becomes a threat instead of an opportunity. The rule should be: 1. **No casual adds in a raging bull.** Every add needs a written reason: setup, invalidation, target size, and what gets reduced to fund it. 2. **Gross/net caps before the session starts.** If you decide max gross is X and max net is Y, then any new long above that cap requires an immediate trim elsewhere. No exceptions because “this one looks great.” 3. **Pumps create sell obligations.** After massive moves, your job is not to admire the P&L. Your job is to restore flexibility. Trim the names that became too large because price ran, especially if the thesis has not improved as much as the position size has. 4. **Cash is a position.** “Always be able to buy the dip” means cash is not laziness. It is ammunition. If you are fully loaded during euphoria, you have already spent your edge before the real opportunity arrives. This also matches your last 30 days: **concentration jump showed up 10 times**, with note gaps and overtrading also recurring. So the process failure is not lack of ideas. It is letting excitement override portfolio construction. Concrete checklist before any add: - Am I already above my target gross or net? - Is this add improving the portfolio, or just increasing exposure? - What position gets trimmed if I buy this? - Has this stock already had a massive pump? - Will I still be able to buy a 5-10% dip tomorrow? If you cannot answer those in 30 seconds, no add. Short follow-up: what gross/net ceiling would make you feel underallocated enough to stay calm on the next dip?