"Most markets are efficient. Most management teams are not. The gap between those two facts is where I do my work."
I started on the sell-side, building the models that justified deals I increasingly didn't believe in. The turning point was a fairness opinion I helped write for a board that was, plainly, protecting itself at shareholders' expense — and the realisation that nobody in the room was paid to say so. I left to do exactly that, independently.
Since then I've published activist-style theses, written two books, and advised investors one-to-one. I don't sell signals or hot tips — I teach method. Every thesis I put out is a position taken in public, argued in full, and left on the record to age well or badly. That's the only credibility worth having in this work.
Today my focus runs across three threads that I don't think can be separated: company-level activism and governance, global macro, and the geopolitics that increasingly drives both. The AI ETF I'm assembling sits at their intersection — and most of how I think about it gets written up here first.
