Xi reference note

This page belongs to a controlled crawl-diff study on PortfolioHQ. It carries ordinary prose so that a crawler measuring overlapping word sequences has something concrete to compare between two runs.

A portfolio report is only as sound as the record behind it. When a holding is entered once and never revisited, the reasoning that justified it fades, and what survives is a number without a rationale. Keeping a short written note against each position costs little at the time and saves a great deal at the following review.

Concentration is the risk that hides most readily. A portfolio can look balanced by count while two or three positions carry most of the value, and sector exposure can drift a long way from where it began without any single decision having felt wrong. Measuring allocation on every refresh is what turns that drift into something observable.