Welcome to Tetractys Research, an independent publication with a macro-first approach to equities investing. Here, I share the full spectrum of my investment journey and process, from the wins to the lessons learned the hard way.
I believe that if you cannot explain an idea, you do not understand it. These notes are a way for me to ensure I understand the details of my investments and trades. They also serve to reference the original thought process behind a trade and contrast it to new information in order to reevaluate whether the thesis is still valid quickly. Whether you're an investor seeking actionable insights or want to partner on an article or project, this is where I lay out my framework for navigating the opportunity set with conviction.
My Investment Philosophy
At its core, my investment process balances macroeconomic insight with equity-focused strategies. While my portfolio leans heavily toward equities, I prioritize modeling macroeconomic variables and exploring their implications for macro-only trade expressions. Why? Because the macro environment is the first filter for deciding when and where to deploy capital.
A great company can be a terrible investment in the wrong environment, just as a bad company can be a lucrative one in the right conditions. By first building a clear macroeconomic picture, I focus on opportunities where the broader context amplifies the equity investment theme. This macro-first approach helps avoid the pitfalls of being "right" about a company but "wrong" about the market. I’ll typically structure a trade with a basket of companies seeking to capitalize on the strengths of the industry rather than the idiosyncrasies of individual companies.
This strategy often means layering equity positions with macroeconomic trades—such as commodities, rates, FX, or index derivatives—to improve the return profile of a theme. It’s not about betting on one outcome but constructing portfolios that thrive in evolving conditions while minimizing negative-carry on hedges to smoothen out market volatility.
I am, however, always on the hunt for a great company benefiting from the right economic conditions. When I find such opportunities, I won’t hesitate to allocate heavily to them, even if it means stepping outside a broader thematic approach.
Why subscribe?
After leaving my job to trade my own book, I realized my best investments are those I’m willing to share. This publication allows me to focus exclusively on my highest-conviction ideas, where I allocate my capital and analyze emerging opportunities.
Why charge for some content? Writing takes time. Research costs money. Data feeds, news sources, and trial-and-error acquisitions of research materials all add up. The paid option supports this work, enabling me to expand the breadth and depth of my analysis, benefiting both my own process and the insights I share with readers.
Here’s how I’ve structured it:
Free Option (80% of content): Actionable macroeconomic frameworks, thematic trade ideas, and insights to inspire your own process. Resourceful readers can use these to build their own strategies.
Paid Option (20% of content): For the price of a cappuccino, paid subscribers gain access to:
Refined models and detailed trade constructions.
Adjustments to ongoing themes.
Snapshots of my portfolio of publicly traded investments relevant to this publication.
But I get it—not everyone wants or can afford to pay for premium content. That’s why I strive to keep the free material actionable for those who can extrapolate the theses into trades of their own. For those who do opt for the paid version, you’ll get deeper insights, refined models, and tools to sharpen your own process, helping you go from “interesting idea” to “actionable trade.” Sharing ideas forces me to have due diligence beyond monetary concerns but also reputational. It is this thoroughness in analysis that you will benefit from regardless if you opt for the paid trade construction option or stick to the free thematic ideas.
If this sounds like your cup of (free or cappuccino-priced) content, join me as we explore the markets together—one actionable idea at a time.
Who Am I?
I’ve traded multiple monitors, a Bloomberg terminal, and a corporate title for a backpack and laptop. After earning my master’s in Mathematics and spending years trading securitized products and investing in alternative assets in New York, I decided that life is too short for a sedentary life-style, and if I can arbitrage markets (well, I can’t really… I just find things that have a relatively high likelihood of being mispriced), I can also arbitrage geographies to benefit from a better lifestyle and go where my money is best treated. I will occasionally write about the countries I visit or live in to help the reader understand what the economic situation and life-style in those places are from the perspective of someone with boots on the ground. Investment is not just about money, but about time and the life-experiences you get along the way.
