I think I probably got it right, but it pained me to sell KME...

I think I probably got it right, but it pained me to sell KME which is the way it should be for more complicated capital allocation decisions.* The only point of my post was to let @stayer know that I frequently don’t make the maximum profit!

if you actually want to know/learn how to value SMP happy to discuss on the relevant threads.

*for those who want to know- I have a thought out process that suits my own temperament. Components include:
1) any new positions must be better value than allocating more to any existing position
2) constant order of favored selling list in my head
3) generally new positions depend on risk but I rarely buy more than 5% portfolio size upfront
4) I have a hard limit of 20% (which is based on mathematical expected losses with a series of bad bets based upon my own base rates), which I can break in exceptional circumstances
5) sense checking multiple ways- with SMP I discussed with both an extremely conservative investor and a highly bullish investor who both agreed with me (these two have never agreed before on anything).
6) when going very big doing a Kelly calculation- for the record I went well over a half Kelly but less than a full Kelly with extremely conservative assumptions (this is my calculation FWIW)