Investment
Philosophy

Survive

Survival requires a deep and creative imagination of how we can fail; then, we do everything we can to avoid it.
 

Cross-Asset Focus

To survive tails, we diversify. Fishing in one pond and being able to fish only in that pond is a vulnerability. 

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Taking Enough Risk

Just as reliable brakes give us the confidence to drive fast, robust risk management systems allow us to take on meaningful risks, knowing that the potential for capital impairments is under control.

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Markets Can Be Inefficient

While markets trend towards efficiency over time, the path to efficiency in various pockets of the market have large variance. Cultural and ideological shifts, such as woke-ism and PC culture, have distorted capital flows, creating pockets of value ripe for investment.

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Market Structure is a Fundamental

The relentless growth of passive investing has eroded market elasticity, contributing to heightened volatility and extreme price movements. Our strategies are designed with an acute awareness of the passive ouroboros.