· · ·
·
· ·
344555443
· 357 5 7 5 75
48 7 76666789 895
· 485 74 259 482
· · 6 5855 7 27 82
5 6 85 8 8
5 9467 46752 · ·
4 7 74548 6
475 58 4 84 ·
2 6 44 9 84
646 5 6 478984
69 9 4 8 9 85
38 8 7 84 5 7 85 ·
· 474 7 48 84
· · · 37 9549 7 6
5897 799 7 77
· 34667888776679 679595 6
· · · 479 4 59 9878958 7 5 5
2659 7 8 874 36 8 57 9
36 87 8 673 4 56 5 8 8 5
· 58 788 6 · 6 4 8
38 5 76 5 5 446 76 4 4 6
4 9 78765 55 9 8 8
45 6446 66 6474 85 8
· 4 4 7 8 776 4 688
37 5 95 658 3 7 47 4 6
7 5667 6 · 4 88995 7 53 ·
· 4 9 5 4 469 78 9 4 77
7657 6 6 3 46 4449 84
7 9 5 3 76 7 6
3 7 7 99 8 449648 8 6 8
38 7 6 29 9759 892
9 44445 6 4 7 5 9 83
6 66 7 43 656 4 82
2 87 8 496 3 5 99 8 6
· 447 5 3 566 4 483
4 7 6 5 895
·37 6 6 9 73 48 97885
3696 78 7544569 863 ·
3679 8 5 79 98642
2333332 ·
· ·
·
·fig 1 · δ
coun·ter·term noun
In physics, the term added to a calculation to cancel an infinity and leave a finite, measurable answer.
Markets produce their own infinities: stories that compound faster than any business can. Left alone, the arithmetic breaks.
We are the correction that returns the sum to something finite.
· ·
·
345544
· 57 66 4 4 85
· 49 643223469 85 ·
6 683 38 5 7
59646986 64674 6
·986· 3889448584 5 92
677777777777777777777777863 584 96 2 6877777777777777777777777
788888888888888888888888943 5 76 6 9888888888888888888888888
945 384 549 84 5 62 · ·
· 569464 72 6 639 6
· 66 884 388777
5979642 23689 5
· 58 468 862 ·
24555542
·
·fig 2 · ⊗
The filing is the primary source. Everything else is commentary.
Risk is defined before the position exists.
Patience is a position.
Short seller and investor. Founded and exited an EdTech business. Author of Dizzying Expectations, his 2025 short report on Anavex Life Sciences.
Fourteen years building trading and exchange businesses. Ran three exchanges, scaled AUM to $1B and designed flexUSD, the first interest bearing stablecoin.
Markets and energy trading executive. Former Head of Trading at FCA regulated SVS Securities. As CEO of EcoDev Group, he set the trading strategy for a 1.5GW battery portfolio.