Fusion & Convexity
– 01 – ABOUT US
overview
SOLAR IS AN ALTERNATIVE GLOBAL MACRO INVESTMENT MANAGER FOCUSED ON UNDERSTANDING GLOBAL ECONOMIC AND POLITICAL TRENDS.
WE SEEK FULLY-AGNOSTIC EXPOSURE TO ALL MARKET REGIMES, AND TO CAPITALIZE ON TRANSFORMATIONAL OPPORTUNITY AND CONVEX SITUATIONS.
WE HAVE BEEN INVESTING IN DIGITAL ASSETS SINCE 2013 AND MAKE PLACEMENTS INTO PRIVATE DIGITAL ASSET OPPORTUNITIES THROUGH OUR SUBSIDIARY PARHELION DIGITAL.
– 02 – APPROACH
three pillars
OUR INVESTMENT APPROACH COMBINES DIRECTIONAL AND DERIVATIVE TRADING STRATEGIES DESIGNED TO CAPTURE UNCORRELATED BUT COMPLEMENTARY RETURNS ACROSS A BROAD RANGE OF SITUATIONS. WE DIFFERENTIATE OUR PROCESS THROUGH THREE CORE ELEMENTS:
MACRO THINKING
TRADE STRUCTURE
RISK MANAGEMENT
Global macro research through the lens of game theory and the Austrian School servers as the core of our process.
We seek convex exposure where small fundamental changes expose large moves in asset prices.
Our risk management process focusses on concise and measurable risk for each unit of generated return, with a sense of patience and discipline.
01
macro thinking
RESEARCH & ANALYSIS
WE LEVERAGE A GLOBAL NETWORK OF INFORMATION SOURCES AND ANALYTICAL CAPACITY.
BELIEVING IN A “BOOTS-ON-THE-GROUND” APPROACH TO AUTHENTIC INFORMATION GATHERING, WE ARE ACTIVE IN GENERATING FIRST-HAND, LOCAL CONTEXTUAL KNOWLEDGE TO INFORM OUR STRATEGIES.
CHALLENGE STATUS QUO
WE ESPOUSE CREATVITY AND FREE-THINKING AND CHALLENGE THE BASIS OF PREVALENT MARKET NARRATIVES.
WE BELIEVE IN THE POWER OF CONTRARIAN THOUGHT. CONVENTION IS OFTEN INCORRECT. HUMILITY, FLEXIBILITY, AND IMAGINATION ARE ESSENTIAL INGREDIENTS IN COMPOUNDED RETURNS.
02
trade structure
ASYMETRY
PREVALENT MARKET IDEOLOGY OFTEN DISGUISES OPPORTUNITY. ASYMETRY AND CORRECTNESS ARE ONE IN THE SAME.
OPTIMAL TRADE STRUCTURING IS CRITICAL TO CORRECTLY EXPRESSING MARKET VIEWS. MACRO THEMES AND IDIOSYNCRATIC SITUATIONS WHICH DO NOT OFFER ASYMETRIC OUTCOMES HAVE LESS PROBABILITY OF EVOLVING INTO DOMINANT MARKET DYNAMICS. WE EXPRESS ASYMETRIC VIEWS THROUGH THE USE OF OPTIONS AND OPTION-LIKE TRADING STRUCTURES, AS WELL AS THROUGH THE DISCIPLINED USE OF STOP ORDERS.
STRUCTURING TRADES WITH INHERENT OUTSIZED P&L POTENTIAL ALLOWS US TO BALANCE ALTERNATIVE PROBABILITIES TO CREATE ATTRACTIVE OVERALL RETURN/RISK OUTCOMES.
03
risk management
ART & SCIENCE
RISK MANAGEMENT REQUIRES BOTH QUANTITATIVE AND QUALITITAVE THINKING. WE APPLY RIGOROUS, QUANTITATIVE, FORENSIC ANALYSIS TO AN EXHAUSTIVE FRAMEWORK OF PAST OPPORTUNITIES. THIS IS MATCHED WITH LONG FORM ARGUMENTS TO TEST THESIS DURABILITY.
NOT SIMPLY A CONTROL
RISK IS JUST AS MUCH ABOUT SELECTION AND ALLOCATION PROCESS AS POSITION SPECIFICS. TRADE ASYMETRY IS DEPENDENT ON RISK MANAGEMENT. IT IS INEXTRICABLE FROM OPPORTUNITY.
PATIENCE & DISCIPLINE
A FOCUS ON COUNTER-NARRATIVE VIEWS FACILITATES SLOW, SYSTEMATIC THINKING WITH WHICH SOME MOMENTUM STRATEGIES DISPENSE. AT ALL TIMES WE PRIORITIZE METHODOLGY LONGEVITY OVER INDIVIDUAL OPPORTUNITY.
– 03 – STRATEGIES
strategies
SOLAR’S STRATEGIES BROADLY ADDRESS TWO MAJOR OPPORTUNITY SETS, GLOBAL MACRO ASYMETRY AND DIGITAL ASSETS.
WE EXPRESS VIEWS ON GLOBAL MACRO THEMES PRIMARILY THROUGH DERIVATIVES, FX AND FIXED INCOME INSTRUMENTS.
IN DIGITAL ASSETS, WE EXPRESS VIEWS THROUGH DIRECTIONAL POSITIONS WHILE THROUGH OUR SUBSIDIARY PARHELION DIGITAL WE INVEST IN DIGITAL ASSET MINING INFRASTRUCTURE AND VENTURE OPPORTUNITIES.
FOR FUTHER INFORMATION PLEASE CONTACT US.
– 04 – PHILOSOPHY
philosophy
ALL WORK IS AN ACT OF PHILOSOPHY
INTEGRITY AND COMPOSURE IN CHALLENGING MARKET MOMENTS REQUIRES A DEEP PHILOSOPHICAL RIGOR WHICH PRECEEDS STRATEGIC AND TACTICAL MATTERS.
OUR WORLDVIEW IS DEEPLY INFORMED BY LESSONS OF THE AUSTRIAN SCHOOL WHICH OFFER INSIGHTS UNAVAILABLE TO MARKET PARTICIPANTS MORE BROADLY.
CONTRIBUTION
WE ACTIVELY EMBRACE A SPIRIT OF CONTRIBUTION AND SUPPORT A NUMBER OF NON-PROFIT INITIATIVES PROMOTING EDUCATION, PROFESSIONAL TRAINING AND WESTERN PHILOSOPHY.
– 05 – PERIODICALS
insights
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