One of the most expensive things you can put into a position is not money.

It is time.

The more I research a token, read the docs, build a thesis and talk about it publicly, the harder it becomes to look at the position objectively.

Behavioral economists call this the sunk cost effect.

Past effort starts feeling like something the future needs to justify.

So when the thesis weakens, selling can feel like admitting all that research was wasted.

And that is where a position quietly changes.

You stop asking:
“Would I buy this today?”

And start asking:
“How can I still be right?”