A stock we permanently passed on just ripped 12% in a day. Here’s why we’re not touching it — and why that’s the whole point. MSV.TO

Friday our volume scanner flagged **Minco Silver** (**MSV**.**TO**) — **up 12% on 14x its normal volume**, riding silver’s move. We’ve had it as a permanent pass since June. The reason is one line: the assets are in China, and **our jurisdiction rules exclude it. Full stop**.

**So the uncomfortable question: does a +12% day mean the pass was wrong?**

No — and I’d argue understanding why matters more than any single pick. **Jurisdiction rules aren’t performance predictions. They’re risk architecture.** A China-asset silver play can double from here and we still won’t own it, because the exact same feature that lets it rip on a green tape lets it gap down 60% on a policy headline you can’t see coming, overnight, with no recourse. You don’t get to keep the upside of that coin and skip the downside — it’s one coin.

The hard part of having rules isn’t writing them. It’s watching a name you excluded go up and NOT overriding yourself. **A system you abandon on green days was never a system — it was a mood.**

So it’s logged, dated, public: we passed, it ripped, the rule stands. If it doubles, the rule still stands. That’s the trade-off we chose, **eyes open.**

Curious what others do here — do you have hard exclusion rules (jurisdictions, sectors, structures), or do you evaluate everything case by case?

Educational only, never financial advice.

\* Sorry about the mega zoom on the company logo, that didn’t show like I thought it would!