Why a text file beats a black box
Everything above could be read as a limitation. We think it is the design, for four reasons that only hold because the learning is text.
You can read it. The Memory tab is a direct view of the agent's long-term memory, as an outline, as rendered text, or as raw markdown. If you want to know what the agent believes about a customer, you look. Under fine-tuning the same question has no answer - the belief is distributed across numbers that mean nothing individually.
You can correct it. An agent that has learned something wrong is fixed by editing one line of MEMORY.md, from the dashboard or a text editor, and the fix takes effect on the next reply. There is a quick-add form for the reverse case, when you want to tell it something rather than wait for it to notice. Under fine-tuning, a wrong lesson means collecting counter-examples and running the process again, and hoping the new model has forgotten the wrong lesson and nothing else.
You can undo it. Configuration and memory files have a revision history, each change attributed to the agent or the person who made it, and Cortex's tidy-ups are snapshotted with one-click undo. The unit of change is a file, which is a unit a person can reason about.
It comes with you. Memory in files is memory the model does not own. Switch to a cheaper model for routine agents, or a stronger one for a hard job, and they read the same files. Multi-model agents work because the learning lives in the platform rather than in the model.
There is a fifth reason, and it is less comfortable. A wrong fact in a file is a visible problem. A wrong lesson in a fine-tuned model is an invisible one. A system whose mistakes can be seen is a system that gets corrected; a system whose mistakes cannot be seen is a system that gets trusted until it is not.
The failure mode
The honest design has a cost, and it should be named: everything above relies on someone occasionally reading. Two things go wrong when nobody does.
The queue nobody opens. Proposals to rewrite the agent's own instructions wait in Approvals in either mode. If nobody opens it, the agent keeps working with the instructions it had. That is the safe outcome - the platform does not apply an identity edit on its own unless a deployment owner has lifted that hold for the agent - but it is also a month of sharper instructions sitting unread, and eventually a queue long enough that whoever finally opens it approves in bulk, which is the outcome the queue exists to prevent.
The memory file nobody reads. Self-learning distils what it sees. If a conversation contained a confident wrong claim, the distillation can carry it into memory, and from there into every conversation after it. The fix is a one-line edit. It only happens if someone looks.
The practical answer is the one in the Cortex documentation's starting configuration: enable it for one agent first, switch Fully Autonomous off for that agent to begin with (it is on by default) so you see the proposals and can judge their quality, and come back in a week to read the Activity log and the memory file. If the output is good, turn Fully Autonomous back on. If it is not, sharpen the guidance file rather than turning the engine off. Either way, you have read what the agent learned - which is the one thing no fine-tuned system can offer you.