Philosophy
Quantamental: what to own, when to own it, how much.
A coherent answer to a question most investment processes split in two. Fundamentals decide direction. Quantitative signals decide timing and sizing. Neither half wins alone.
Mission
Superior risk-adjusted returns over a multi-year horizon.
Primary goal
Capital appreciation exceeding the S&P 500 over a rolling three-year period with lower realized volatility.
Secondary goal
Capital preservation during drawdowns through active hedging, tactical profit realization, and disciplined position sizing.
Underwriting standard
Six questions. No exceptions.
A name is not a core position until the cover memo answers all six. Anything less is a starter, not a thesis.
- 01What is the marginal buyer paying for at this price?Stated as a multiple on a specific year's number.
- 02What is the bear-desk number, and why is it wrong?Goldman, Bernstein, Citi — with the specific assumption we disagree with.
- 03What is our number, and why is it inside the bracket?Named EPS / FCF / segment estimate.
- 04What changes the thesis?Specific, falsifiable triggers — not 'if fundamentals deteriorate.'
- 05What is the catalyst path?Dated. Analyst day, Q3 print, product refresh.
- 06What is the skew, sized?1:5 / 1:3 / 1:1 against current price, mapped to position size.
Anti-patterns
We lose by imitating what we cannot do.
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Imitating pod cadence. Trading every print, chasing momentum. We don't have the infra; we'd just mark ourselves wrong faster.
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Diworsification. Owning 30 names because it 'feels safer.' Concentration is the edge; abandoning it abandons the fund.
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Pseudo-alt-data. Reading FinTwit and calling it primary research. If it's free, it's already in the price.
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Producer-side AI. Owning a name because 'AI' is in the deck. We invest in who wins from AI, not who sells AI.
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Round-tripping. Holding past invalidation because the work feels too valuable to abandon. The Lock-In Protocol exists for this.
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Scope creep. Drifting into biotech / crypto / SPACs because a friend has a tip. Out-of-bounds is out-of-bounds.
The Doctrine is the constitution. The Charter is the operating manual. When they conflict, the Doctrine governs.