Stock closing review template for learning from exits

Use this template after selling or closing a position to separate what happened, what you knew at the time, and what your process should preserve or change.

• After an exit, full trim, or broken original reason.
• After a position worked for reasons different from the original case.
• When a loss or gain could teach the wrong lesson if judged only by outcome.

Copy this template

1. Original plan

• Original reason...
• Original sell or trim conditions...
• Expected time horizon...

2. What happened

• Business support that changed...
• Price or valuation change...
• Decision you made and when...

3. Process review

• What I got right...
• What I missed...
• What I would change in future research or sizing...

Filled example

Fictional sample only: Cedar Payments, exited after the original view deteriorated. This is not investment advice.

Original reason

Payment volume growth would offset margin pressure over a two-year horizon.

What changed

Volume stayed healthy, but take rate declined faster than expected for three quarters.

Process lesson

The original reason tracked volume but did not define an explicit margin break condition.

Future rule

Every payments case needs both volume and margin thresholds before entry.

How to keep the template useful.

• Review the closing review before evaluating similar companies.
• Turn repeated mistakes into explicit future checklist items.
• Do not judge process solely by profit or loss.