Every position, explained.
The thesis behind each instrument — open and closed. Why we entered, what we held for, and when we left.
Gold
Property, not a promise. The only asset no government can print or confiscate.
Read the thesis →Swiss Franc
The best-managed money in the world. The shock absorber the portfolio needs.
Read the thesis →Energy / NOK
Stay permanently exposed to energy. Change the instrument when the market gives you a reason to.
Read the thesis →Chile
The South American reform play with a structural copper dividend and institutional floor.
Read the thesis →Asia ex-Japan
The biggest, fastest-growing economic bloc in the world. Historically cheap. Structurally underowned.
Read the thesis →Nuclear
AI needs 24/7 baseload power. Nuclear is the only source that delivers it at scale. Uranium is the fuel.
Read the thesis →Past positions
Argentina
A country at its floor. The Milei bet on reform, liberalism, and EM mean reversion.
+51.9% · January 2024Read the thesis →Chinese Bonds
State-managed carry. Sovereign backing. Income while the equity regime wasn't ready.
+1.7% price + carry · December 2024Read the thesis →Bitcoin
A structural demand shock unlocked by the ETF. Entered on launch day. Exited on narrative peak.
+123.9% · January 2025Read the thesis →