The most exhausting part of value investing (for me) isn’t what I expected.

I could really use some advice from those who’ve been doing this longer. The hardest part of investing for me isn’t picking stocks. It’s what happens after I already own them. Last earnings season I caught myself at 10:30pm with four tabs open — the new earnings release, last quarter’s transcript, an older 10-K, and my own scattered notes. All because revenue growth slowed a bit and margins dipped slightly. And I just wanted to answer one simple question: **Is this noise… or a real change in fundamentals?** I don’t want to overreact to noise. But I also don’t want to miss early signs that something structural is changing. So I end up digging through old filings and transcripts trying to reconstruct what “normal” looked like before. Sometimes it takes hours just to compare “then” vs “now.” For those of you with a more disciplined process: How do you handle this? Do you formally write down your thesis and update it each quarter? Do you track specific metrics? Do you define in advance what would break your thesis? Or does this just get easier with experience? I’m genuinely trying to refine this part of my process, because the ongoing monitoring feels way more mentally exhausting than the initial research. Would appreciate any guidance.