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Vol. I · No. VSeries I

Non omnis consensus veritas

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Q01Liquidity63 PCT+21Q02Realised volatility44 PCT+13Q03Policy cut52 PCT−6Q04Positioning71 PCT+25Q05The curve35 PCT−2Q06Money-market flows34 PCT+12Q07High-yield spread27 PCT+9Q08The dollar57 PCT+8Q09Brent crude41 PCT−3Q10Equity–bond correlation46 PCT+17

Of the Institution

About

Non-Default Intelligence develops autonomous systems for reasoning and decision-making under uncertainty.

  1. I.We decompose complex environments into explicit questions.
  2. II.We maintain competing models, and keep them from agreeing too easily.
  3. III.We express uncertainty as probability, and price the futures we cannot rule out.
  4. IV.We act where our probabilities materially diverge from default assumptions, and only where that divergence survives scrutiny, liquidity and cost.
  5. V.We measure the results, and publish them.

The system operates a private systematic strategy, Series I. It is not open to outside capital and nothing in these pages is an offer. Correspondence by introduction.

NON-DEFAULT INTELLIGENCE✦ Series I · Autonomous Strategy · MMXXVI ✦NDIp̂ ≠ p̄SEALED ON ISSUE · NEVER REVISED ·N

Articles of the House

Principles

  1. I.

    Probability over prediction

    We do not ask models to be certain where certainty does not exist.

  2. II.

    Disagreement is information

    Independent models should not converge merely because consensus is comfortable.

  3. III.

    Execution changes the model

    An opportunity that cannot be executed is not an opportunity.

  4. IV.

    Calibration before reputation

    Models are judged by outcomes, not by the quality of their explanations.

  5. V.

    Default is a hypothesis

    Consensus remains useful. It simply receives no privileged status.

  6. VI.

    Failure is published

    What we believed is kept, scored and visible. Especially when it was wrong.

Motto of the House

Non omnis consensus veritas

Not every consensus is the truth.