Disclaimer

The statement.

We trade exclusively our own capital. We do not manage outside money, accept investors, or offer investment services. No content on this site constitutes financial advice, or an offer of any security or investment product, in any jurisdiction.

That statement appears at the foot of every page on this site. It is not boilerplate. It is the firm's constitution, and it is the reason several things you might expect to find here are absent.

What follows from it.

There are no figures on this site. No result, no measure of risk, no capital under management, no history of what the firm has made or lost. Not because the numbers are unflattering, and not because they are secret in some interesting way, but because publishing them is how a firm that offers nothing starts to look like a firm that is offering something.

There is nothing about what the firm trades or how it decides. The research writing describes method and standard of evidence. It names no instrument, no venue, no signal and no holding period, and it never will.

What this site is for.

Two things. Helping the right people decide whether to apply, and letting a counterparty confirm during onboarding that the firm exists and is what it says it is.

Forward-looking statements.

Where this site describes what the firm intends to do, that is a statement of intent at the time of publication and not a promise. Plans change, and this site is republished when they do.

No relationship is created by reading this.

Reading this site does not create a client relationship, an advisory relationship or any other relationship. Writing to the firm does not create one either. Only a signed agreement does.