About the firm

There are no outside investors, no client mandates and no funds under management, which means the only judge of a strategy here is whether it makes money after costs.

The work is systematic. Every position comes from a rule written down in advance and tested against historical data before any capital is committed, so a decision can be examined afterwards rather than defended from memory.

We publish the research. Each write-up sets out the idea, the data it was tested on, how the numbers were produced, and the results without cherry-picking, including the versions that did not work. Where a strategy is running with live capital its tuned parameters are withheld, and the page marks exactly where.