Very little. We re-evaluate the portfolio on a lunar cycle — roughly once a month — rather than reacting to daily price movements.
The framing we use internally: we’re gardeners, not day traders. You tend things over time. You don’t dig them up every week to check the roots.
In practice, this means new positions are initiated slowly and existing ones are given room to compound. We don’t chase momentum or react to earnings surprises. When a company we own does something that changes our underlying thesis — not just its price — that’s when we act.
The goal is to own a small number of companies we understand deeply and hold them for years, not months. Turnover is a cost: in taxes, in transaction friction, and in the cognitive load of having to re-underwrite every time you move.
Investment strategies involve risk of loss. Past performance does not guarantee future results.