Letters
from the fund

A strategy that read how upbeat companies sounded stopped working once others copied it. Here is how we noticed, and why we turned it off the same week.

One sentence changed in a 10-K. We follow it from the filing at 04:00 to the position at the open.

Every idea is argued against before it trades. The agents arguing against it are the most important part of the fund.

A supplier's results often show up in its biggest customer's later. Two reports, one signal, weeks apart.

Fund I opened to outside investors this quarter. What we built, the limits we set and who sets them.