Teaminvest Wealth Builders

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Teaminvest Wealth Builders

Wealthy + Wi$e Ep 17 | When to Sell: Exit Frameworks for Value Investors

May 27, 2026 • TIP Group / Teaminvest • Season 2

0:00 | 32:58

Most investors have a buying process. Very few have a selling one — and that gap quietly erodes returns year after year.

In this episode of Wealthy and Wise, Andrew Coleman from Teaminvest and Associate Professor Mark Humphrey-Jenner from UNSW join host Nadine Blayney to lay out the disciplines behind great sell decisions.

This episode was inspired by listener feedback following last week's discussion on CSL — if you haven't listened to Episode 16 yet, it's worth going back.

IN THIS EPISODE

00:00:13 – 00:09:23 — The behavioural science of bad sell decisions

Associate Professor Mark Humphrey-Jenner (UNSW) identifies the biases that drive investors to hold losers and sell winners — loss aversion, salience bias, and the psychological cost of realising a mistake. Andrew Coleman adds Teaminvest's five-factor framework: endowment effect, get-even-itis, FOMO, sunk cost fallacy, and recency/confirmation bias. The iconic 'cutting the flowers and watering the weeds' metaphor is introduced here.

00:09:49 – 00:16:47 — The checklist that removes emotion from the exit decision

Andrew draws on Daniel Kahneman's Noise to make the case for disciplined checklists over judgment. Teaminvest's 27-factor quantitative framework and the investment thesis 'stock book' concept are explained. The $100 note analogy — the clearest explanation of price vs value you'll hear — is introduced in this segment.

00:19:02 – 00:27:09 — Real exits: what Teaminvest sold and why

Andrew walks through live case studies: WiseTech and ProMedicus (triple-digit PEs and disconnected sentiment); A2 Milk (97% member fail rate on moat assessment, $20 to below $5); Corporate Travel and Flight Centre (post-COVID recovery never materialised in the data); Minresources (structural shift from mining services to capital-heavy commodity business with dangerous debt load).

00:31:10 – 00:31:42 — Viewer Q&A: Damien asks about the 6-year and 10-year data rules

Andrew explains the statistical basis for Teaminvest's minimum data thresholds: six years as the hard floor (below which performance cannot be distinguished from a coin toss), and 10 years as the threshold for meaningful capital allocation.

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