The language of thesis-driven investing
Plain, sourced definitions for the vocabulary behind watching why you own a stock, not just what it is worth.
Thesis Drift
Thesis drift is when the original reasons you bought a stock quietly stop being true and you keep holding anyway. It has two faces: the erosion of the facts behind the thesis, and the rationalizing that hides that erosion from you.
Agentic Portfolio Terminal
An agentic portfolio terminal is software that continuously watches your whole portfolio on your behalf and tells you what changed and what to do, without ever trading for you. It is the monitoring counterpart to agentic trading: the agent watches and warns, it does not touch your money.
Thesis Monitoring
Thesis monitoring is the practice of tracking the specific reasons you own each stock against live evidence (filings, earnings, news), so you are told the moment one of those reasons weakens, instead of finding out quarters later.
Breaks-If Condition
A breaks-if condition is the single fact you write down in advance that would prove your reason for owning a stock wrong. It turns a vague thesis into a testable one, in the spirit of a pre-mortem and inversion.
Conviction Stop
A conviction stop is an exit triggered by your thesis breaking, not by the price falling. Where a stop-loss sells on a price level, a conviction stop (sometimes called an intellectual stop-loss) sells when the reason you owned the stock is no longer true.
Shared-Driver Risk
Shared-driver risk is hidden concentration: when several positions you think are diversified actually depend on the same underlying thesis, so they break together. Two different tickers, one point of failure.
Thesis Pillar
A thesis pillar is one of the specific reasons you own a stock, written as a single testable claim. A thesis is the set of its pillars, and the position is only as strong as its weakest pillar.