Approach

Capital Deployment

Capital is deployed selectively, with conviction rather than diversification for its own sake. We seek asymmetric opportunities where downside is bounded and upside is structural.

Position sizing reflects confidence. When conditions are unclear, we do nothing. Inaction is a strategy, not a failure.

Risk Philosophy

Risk is measured continuously, not periodically. We define risk not as volatility, but as permanent impairment of process — the erosion of our ability to continue.

Exposure is reduced when equilibrium is distorted. We do not attempt to profit from chaos; we preserve through it.

Time Horizons

Our horizons are measured in cycles, not quarters. We accept short-term underperformance as the cost of long-term positioning. Capital that cannot wait cannot compound.

Where We Do Not Compete