Most investors do not fail because of information.
They fail because of pressure.
Exits rarely occur as a result of new data or careful analysis. They occur when emotional, social, or narrative forces become intolerable. Even experienced investors, fully aware of this dynamic, are not immune.
Holding through uncertainty is not a test of intelligence.
It is a test of temperament.
During accumulation and stagnation, discipline is relatively easy. There is little attention, little validation, and little urgency. Pressure arrives later — when prices move quickly, narratives harden, and participation becomes crowded.
This is when exits become difficult.
Rising prices do not create clarity.
They create noise.
The fear of missing further gains competes with the fear of losing what has already been accumulated. External voices grow louder. Justifications multiply. Each new argument feels reasonable in isolation.
Selling in such conditions feels premature, even when it is rational.
This is why exits are psychological events.
They are not triggered by certainty.
They are triggered by discomfort.
Understanding this in advance does not make selling easy. It does not produce perfect timing or immunity from regret. What it does provide is awareness — and awareness reduces surprise.
The greatest risk is not selling too early.
It is selling too late, under conditions where choice has narrowed and pressure has peaked.
This pillar exists to establish that exits will never feel clean or obvious. They will feel contested, incomplete, and emotionally charged.
That is not a flaw.
It is the nature of the moment.
Recognising it early does not guarantee success.
It simply prevents confusion when the time arrives.