Post-mortem culture: learning from bad calls

A bad call is only wasted if the process that produced it stays hidden. The word itself borrows from medicine: as the Cambridge Dictionary notes, the prefix "post-" simply marks what happens after an event, and a post-mortem is the examination that follows it.https://dictionary.cambridge.org/dictionary/english/post In investing, that examination has one job — to find out whether the decision was bad, or whether a good decision simply met an unfavourable outcome. That distinction is the whole discipline. A sound thesis can lose money. A reckless thesis can double. If a team grades itself on results alone, it trains itself to repeat lucky recklessness and abandon sound judgment. A structured investment decision review process grades the reasoning, the information available at the time, and the execution — then lets the outcome inform, but not dominate, the verdict. What follows is a working method: what to capture before the review, how to run it, and where these reviews routinely fail.

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