Approach

How we think about markets.

These principles describe our own trading. They are not advice, and they are not an offer to manage capital for anyone else.

Discipline

Process before prediction

We define the conditions under which we act, then follow them. A repeatable process is more valuable than an isolated good outcome.

Risk

Position size and exposure are decided before a trade is considered. No single outcome should threaten the firm.

Restraint

We accept that most of the time the correct action is to wait. Overtrading is treated as a cost, not an opportunity.

Horizon

We would rather compound slowly and remain independent than grow quickly and depend on favorable conditions.