As the U.S.-Israel conflict with Iran widened, markets repriced uncertainty quickly. The VIX closed at 23.75 on March 5, up from 14.51 on January 2, a rise of about 63.7%. Spot gold was around $5,095.78/oz on March 6, up from about $4,
Dear Investors and Partners, Before discussing markets, performance, or short-term outcomes, I want to begin with the foundation: why this strategy exists at all. This first letter outlines our core investment thesis. It is intended to be durable — a reference point that future letters will build upon rather than restate.
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