Notes
Short observations. Three to five minutes.
The Selloff Our Weather Didn't See
SOL fell about 13% in three days and the book barely moved. The obvious explanation - our Liquidity Weather signal - turns out to be wrong: it stayed green the whole way down. This is the investigation into what really protected the capital, proven from the ledger, and the architecture gap it exposed.
"The Print, Issue 00 is out"
"Thirteen essays on liquidity, volatility, sanctions, gold and the half-life of every edge; one measured chart; two dissents; a page of house rules. 37 pages, free."
The Week We Lost Money and the Account Went Up
In the last week of August, SOL rose about 7%. Over the same week our return engine lost money - three red days in a row. And yet every account's dollar value ended the week higher. This is the log entry for that week, and the one distinction that keeps a gift from being mistaken for a skill.
Why NAV Was Up While SOL Was Down
In six days in early June, SOL fell about 24%. Over the same six days, the trading book made money every single day. This is the log entry for that week - and the one number it quietly proves.
The Day the Hedge Did Nothing
On 17 May, anyone watching saw SOL down 12% on the week and the protection line flat. This is the log entry for that morning - the event, the cause, and the decision the system made, which was to do nothing.