01/04

Markets have a leadingterm

We find persistent structure in financial markets and build disciplined systems to trade it.

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How we think
  1. 01Markets reveal themselves in traces
  2. 02Conviction must survive reality
  3. 03Durability beats spectacle
  4. 04Consistency is designed
01 Markets reveal themselves in traces
Every order changes the field
Most changes dissolve into noise
The remainder is where inquiry begins
02 Conviction must survive reality
A model begins as an argument
Risk makes it accountable
Evidence decides what survives
03 Durability beats spectacle
We look for edges that endure
Repetition makes them meaningful
In the long run, one term leads
04 Consistency is designed
Consistency is no accident
The worst day is already in the plan
We turn systems off more often than on
Every limit held when it pays
And reaffirmed when it costs
It is designed
0bn+
market events replayed daily
0/7
relentless by design
0m+
hypotheses, few survive