CURRENT NOTES
Monthly Note
- August 2025: The illusion of balance… (8/27/2025) - The illusion of balance We’ve often said that when process and perception collide, perception wins the headline while process wins the war. But today, the gap between the two isn’t just wide—it’s dangerous. Markets are moving like a lightly loaded suspension bridge: cables taut, traffic flowing, everything holding—until a single ship rams a support beam and the whole thing collapses in seconds. On March 26, 2024, Baltimore’s Francis Scott Key Bridge—an engineering icon spanning the Patapsco River—was sliced through when a cargo ship lost power and struck a key pier. In a heartbeat, the bridge gave way, sending vehicles and workers into… Continue Reading
Quarterly Report
- Q2 2025: “Next Play Thinking…” (7/30/2025) - It “feels” like we’re stuck in a loop … always talking about the importance of process. That word shows up in everything we do: in the signals markets are sending, in the rate of change (RoC) of the data, yet more importantly, it’s stark in contrast to the narrative-choked headlines that dominate the news cycle. With all the unfiltered noise swirling around, we couldn’t think of a better time to re-center on what actually matters. As Nick Saban would say: “Ignore the scoreboard. Focus on the next play.” In our world, that means ignoring the media circus and focusing instead… Continue Reading
