Sell Discipline Our sell discipline is triggered by a failed attribute of the previously discussed buy discipline. If one of the fundamental tenets of our recommendation changes in a materially negative way, whether we determine that growth rates have been compromised, there has been a loss of competitive advantage or a diminished barrier to entry, a management credibility issue, a deteriorating balance sheet, or a catalyst has been missed relative to our expectations, the holding becomes a candidate for sale. Holdings are reviewed regularly on the basis of fundamentals as well as price appreciation and deterioration from our cost basis.