Does Hero Lab have a history feature for characters?
 

For example. If I make the following changes, I would like a text representation of the series of events in the portfolio itself.

>adds a level of monk
>buys 1 Potion of Healing for 50GP
>sells a long sword for 12GP & 5SP
>takes the feat Resilient
>selects Constitution for Feat Reslient
>puts 1 Potion of Healing inside Backpack

And so on. A history of changes for a character seems like a very useful feature to have for this program. Given how feature-rich it is already, I'm wondering if I just can't figure out how I'm supposed to see it?

Unless I am horribly mistaken, there is no log feature. The size of that log over the lifetime of a character would be enormous.

You can get a log of purchases/sales on the journal tab, just mouse over the transaction log icon, it will show the last 100 transactions.

Some games like Shadowrun to log advancement changes to the character, but not purchases.