IThe creed
Seven laws of the house.
What we hold ourselves to, whatever the market is doing that month.
I
Our own money, our own time.
No outside LPs, no borrowed conviction. The book pays its own way, and we answer to the result.
G · Letter, 2026II
Show the result, not the method.
We do not sell how we do it. We publish what it did, good months and bad.
TTMR · Our approach, 2024III
Beat Bitcoin, or own Bitcoin.
Every position is measured against the simplest alternative. Most should lose that race; the few that win carry the book.
House benchmarkIV
Persistence over force.
“The drops of rain make a hole in the stone, not by violence, but by oft falling.”
Classical proverbV
Many roads, one Rome.
“There are many ways to get to Rome.” Routes change with the market. The destination does not.
G · Letter, 2026VI
Products before tokens.
We build what people use, then let the market price it.
Thesis MMXXVI · Tenet VIVII
Revise in public.
We date our beliefs and leave the old ones visible when we change them.
Thesis MMXXVI
“Nothing as good as it seems, neither as bad as what people think.”TTMR · January 2024