Trading policy
The rules I hold myself to. Most of them are checked by the build, so breaking one stops the site from publishing rather than relying on me to remember.
01
Disclosure before argument
Every company page states what I hold, at what weight, and since when — above the thesis, not below it. The disclosure is generated from the portfolio file rather than written by hand, so it cannot be forgotten or go stale. If I hold nothing, the page says so.
02
Publish, then trade — never the reverse
I do not open, add to, or reduce a position in the 48 hours before publishing on it. Where a position is opened on the back of a new view, it is opened on or after the publication date, and the initiation date on the portfolio page is the evidence. Compare the dates.
03
No trading around the record
I do not close a position in order to lock in a number for the record, and I do not hold one past the point I would otherwise sell in order to avoid marking a view wrong. A view and a position are separate decisions and are recorded separately.
04
Wrong stays wrong
A view marked wrong stays wrong and keeps its post-mortem. Statuses never move backward. If a thesis marked wrong later turns out to have been right about something, that becomes a new dated view rather than an edit to an old one.
05
Pre-existing holdings are excluded, not hidden
Anything held before the record began is listed as excluded and shown as such. It is never quietly dropped from the portfolio.
06
No paid coverage, ever
No sponsored notes, no commissioned research, no payment of any kind from a company I write about.
07
Percentages, not amounts
Position sizes are published as a share of the portfolio. The amount of money involved is not published, and is not stored in the data files at all. How much I am risking is not information a reader needs; whether I am risking anything, and how much of my capital it represents, is.
08
Corrections are visible
A factual error in a figure is corrected in the data file and noted on the company page with the date. A change of view is not a correction — it is a new dated view, published alongside the old one.
What this is not
This site is a record of one person’s research, published so it can be checked. It is not investment advice, not a recommendation to buy or sell anything, and not a solicitation. I am not licensed or registered as an adviser in any jurisdiction and I do not manage anybody else’s money.
Figures are taken from published accounts and are cited with page numbers so you can check them yourself. I make mistakes; the ones I have found are on the track record. If you find one I have not, tell me and it will be corrected with a note.
Policy in force since 1 Sept 2025. Holdings as of 3 Aug 2026.
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One email when a new company note or portfolio update is published. Nothing else, and no schedule to pad out.