HOLD ANET
0 shares at $171.91 on 2026-04-27
Reasoning
ANET is an orphan position: thesis #218 is low confidence, position is +27% above cost basis ($178.23 current vs $140 cost), and original thesis targets ($155-165) are already breached on upside by >7%. Per Rule 35, upside-invalidated theses require three mandatory updates before new capital deployment: (1) revised price target or explicit momentum-hold declaration, (2) trailing stop/profit-protection level, (3) maximum hold window. These are undocumented. However, position is small (2.2% of portfolio), and rule does not mandate immediate liquidation of existing orphans—only blocks new deployment. Upcoming earnings from hyperscaler customers (GOOGL, AMZN, META) this week could provide datacenter networking read-through. Hold until end-of-week earnings cycle for potential catalyst confirmation. If no catalyst materializes by Friday close, reassess for exit.