📖Jim Rogers
Sell Discipline Rules
Follow pre-defined sell criteria without emotion.
Have clear, pre-defined sell criteria. Sell when: your thesis is broken, valuation is fully realized, or a significantly better opportunity appears.
🏠 Everyday Analogy
📖 Core Interpretation
Jim Rogers advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Disciplined selling prevents emotional decision-making.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Avoiding U.S. Financials, Favoring Emerging Asia (2007)
Rogers publicly criticized U.S. credit excesses, sold most U.S. assets, and boosted stakes in emerging Asian markets and commodities.
✨ Outcome：Protected capital during the 2008 crisis; emerging Asia and commodities rebounded strongly in the following recovery.
2
Asian Financial Crisis Currency Bets (1998)
Rogers highlighted Asian economies with strong supply fundamentals amid collapsing demand, buying depressed currencies and equities in countries like South Korea.
✨ Outcome：Positions appreciated significantly as regional demand recovered and markets re-rated over the next several years.
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