The new format (skipping the stategy) works well, in my opinion. Your opus includes plenty of strategy, fine to skip that on the reviews, unless of course the review itself alters your thinking. I’m very interested in the 2022 retrospective. A friend (a wealth manager) recommeded that I read: The Art of Execution: How the world’s best investors get it wrong and still make millions. I haven’t finished yet, but the author, who for years supervised a group of investors, noted certain habits that helped his best investors to outperform. He writes that a relatively concentrated portfolio with relatively long holding periods is how his best investors outperformed, but emphasized the importance of: (1) not allowing a loss to go beyond 30% because when losses go much beyond that, it becomes increasingly difficult to recover; (2) periodically harvesting a relatively small portion of accumulated gains which he believed helped them to remain psychologically balanced and less likely sell too much of a winning postion too soon. Your modus operendi is similar in the sense that you will sell a position down if it becomes larger than 25% of your overall portfolio. I’m very grateful that you and so many others on Saul’s take the time and effort to share the fruits of their knowledge and experience.