In *Margin of Safety* (1991), Seth Klarman wrote that 'the disciplined pursuit of bargains makes value investing very much a risk-averse approach. The greatest challenge is maintaining the requisite patience and discipline to buy only when prices are attractive and to sell when they are not, avoiding the temptation to speculate.' The 'maintaining' is the part most retail investors get wrong, because it happens in the quiet quarters between purchase and sale, when nothing dramatic is happening but the discipline is being tested by the absence of any specific trigger to act on.

Your first thesis is now saved. The Capstone badge is awarded. The next 90 days will arrive whether or not you maintain the discipline that produced the thesis.

This lesson is about that maintenance: the quarterly review against the same fundamentals you analyzed at commitment, the post-purchase journal that compounds your process over decades, and the recognition that the curriculum has now ended but your education has not.