Dear Larry,

thanks for this interesting note. I have one remark regarding the last 7th point "Exiting investments". From my portfolio management experience, some formal/mechanical/automatic rule should be a part of decision-making process regarding exiting. It pertains also long-term value investors and regarding positions with paper losses in particular. For example some predetermined stop-loss, e.g. based on the share's volatility and market volatility overall, should have at least 50% decision weight within decision-making about exiting positions. Otherwise behavioral biases such as confirmation bias, hindsight bias, myopic loss-aversion bias, regret aversion bias will overhaul your thinking potentially leading to a total decision paralysis, not being able to make any decision, resulting e.g. in holding loss-making investments much longer than warranted (see Shefrin's disposition effect based on Kahneman and Tversky research in prospect theory and value function).

Kind regards,
Michal