Field Notes
Short pieces from concentration, liquidity, and exit work at the Sheung Wan desk.
Exit thresholds that survive a noisy week
The noisy week is when exit rules earn their keep. Rules written only as hope (“we’ll know when we see it”) usually become delay. …
Writing liquidity notes someone else can open
Liquidity notes fail when they read like a diary. They work when a deputy can open them during a thin session and know which …
Where concentration hides in a ‘diversified’ statement
A statement with twenty lines can still be three bets. At the desk we group by shared driver before we congratulate the line …