CURN
CURRENCY EXCHANGE INTL CP
stock OTC

It depends on my thesis and the "win conditions" that I set for the investment. I'll check back in quarterly to see if anything has changed with my thesis. i.e. if my thesis is "growth at X%" and they're grew at 10% lower than that, I'll update my valuation. Usually small variations fall within my margin of safety and/or estimates.
Any time there's a major deviation that breaks my thesis, and the company is at fault, I'll get out. For example, if the company misjudged demand for a new product or expansion, I'll take a much harder look at that.
I'm more forgiving if the company isn't at fault. For example, if the exit doors fall off an airplane at a different airline and your passenger volume suffers a bit, I'll generally ignore that. Even see it as a buying opportunity. What do you know, UAL is up 123% since that happened. DAL up 51%. (I've owned both since Buffett sold them in 2020)
Third case is that I find out that I'm the one who made a mistake. Maybe I just missed something in my initial analysis and I need to readjust my thesis and "re-buy" it mentally at the current price. \*Cough\* MBUU \*Cough\*. Alternatively, I sold NKE at breakeven after 6 years because I made a mistake judging the durability of their moat and I wasn't willing to "re-buy" it at 20 times earnings for -12% growth for my new judgement of their moat. Some people think that their view is tainted if they find that they made a mistake, because the bias is to keep what you own, so the have a rule to sell regardless if they find they've made a mistake. Personally, I think a rule like that just makes it harder to admit a mistake.
I'm probably too slow to sell, but I've got a few stocks in my portfolio right now that are probably on the way out if they don't show improvement in the next quarter or so... those are the ones I don't talk about \*cough\* \*cough\* CURN. ...actually that might be it... WU is probably closest to next in line to getting cut from my portfolio, but the recent performance is basically inline with my low-conviction thesis (small position size to match).

It depends on my thesis and the "win conditions" that I set for the investment. I'll check back in quarterly to see if anything has changed with my thesis. i.e. if my thesis is "growth at X%" and they're grew at 10% lower than that, I'll update my valuation. Usually small variations fall within my margin of safety and/or estimates.
Any time there's a major deviation that breaks my thesis, and the company is at fault, I'll get out. For example, if the company misjudged demand for a new product or expansion, I'll take a much harder look at that.
I'm more forgiving if the company isn't at fault. For example, if the exit doors fall off an airplane at a different airline and your passenger volume suffers a bit, I'll generally ignore that. Even see it as a buying opportunity. What do you know, UAL is up 123% since that happened. DAL up 51%. (I've owned both since Buffett sold them in 2020)
Third case is that I find out that I'm the one who made a mistake. Maybe I just missed something in my initial analysis and I need to readjust my thesis and "re-buy" it mentally at the current price. \*Cough\* MBUU \*Cough\*. Alternatively, I sold NKE at breakeven after 6 years because I made a mistake judging the durability of their moat and I wasn't willing to "re-buy" it at 20 times earnings for -12% growth for my new judgement of their moat. Some people think that their view is tainted if they find that they made a mistake, because the bias is to keep what you own, so the have a rule to sell regardless if they find they've made a mistake. Personally, I think a rule like that just makes it harder to admit a mistake.
I'm probably too slow to sell, but I've got a few stocks in my portfolio right now that are probably on the way out if they don't show improvement in the next quarter or so... those are the ones I don't talk about \*cough\* \*cough\* CURN. ...actually that might be it... WU is probably closest to next in line to getting cut from my portfolio, but the recent performance is basically inline with my low-conviction thesis (small position size to match).