In-depth research
Each letter starts with what is actually moving markets: flows, positioning, rates, credit and commodities. We show the charts and the numbers, not just the conclusion.
Private research letter
In-depth research.
Clear steps to act on.
A private investment letter covering equities, rates, credit, commodities and options. Every issue ends in defined-risk trades, with the full company research behind them, and can be tailored into specific steps for your portfolio.
S&P 500 (SPX) · Year to date
YTD7,520.93 +9.87%
Week −0.63% · as of 10 Nov 2026
Daily closes vs. 6,845.50 at end-2025. Updated weekly.
Latest newsletterIssue 1 · 10 Nov
Flows, Not Fundamentals
- 01GLD390/405 call spread2.6 : 1
- 02NVDA190/200 call spread2.2 : 1
- 03CMPS$10 callsFDA catalyst
22 min readRead the letter →
Latest research
CMPS · Biotech
18 min read →
Research you can read in depth.
Steps you can act on.
Clear, actionable trades
Every idea ends in a trade ticket: the exact structure, expiry, cost, maximum loss, target, and the conditions that would prove us wrong.
Full company analysis
When a trade rests on a single company, the complete research note is published separately: trials, financials, competitors and risks.
Tailored to your portfolio
For private clients we turn each idea into concrete steps for your own portfolio: sizing, structure and timing that fit what you already hold.
How an idea reaches you
We would rather be clear than clever. Every position comes with its reasoning, its cost and the signal that would make us change our mind.
- 01
Read the market
Macro, flows and volatility: what has changed and why it matters.
- 02
Find the asymmetry
Where the price disagrees with the evidence, and by how much.
- 03
Define the risk
Mostly option structures, so the maximum loss is known before entry.
- 04
Follow through
Open positions are tracked letter to letter, wins and losses alike.
The letter is the start.
Your portfolio is the point.
Clients receive every letter and every full research note. On request, we translate each idea into specific steps for your portfolio: what to add, what to hedge, how much, and when to review it.