The Observatory
The campaign read in instruments. Nowcast only: what has happened, never what will.
The Campaign Against the Tide
Cumulative paper return since the first session, against the index over the same sessions.
Read as a table
| Session | Titan | Index |
|---|---|---|
| 1 | 0.00% | 0.00% |
| 2 | +0.18% | +0.25% |
| 3 | −0.05% | +0.15% |
| 4 | −0.22% | +0.05% |
| 5 | +0.10% | +0.40% |
| 6 | −0.15% | +0.30% |
| 7 | −0.40% | +0.55% |
| 8 | −0.62% | +0.72% |
| 9 | −0.49% | +0.87% |
| 10 | +1.12% | +0.95% |
As of session 10 · 2026-08-26
The Drawdown Track
Distance below the campaign's high-water mark, session by session. Shallower is healthier.
Worst drawdown of the campaign so far: 0.80% · as of 2026-08-26
Effective Breadth
How many genuinely independent bets live inside the book. Thirty-eight positions are not thirty-eight bets.
Belisarius counts these, and he may shrink the book or refuse a trade, never enlarge it.
Signal Health
Every family the house runs, with its standing and the evidence behind it. Quarantined families are published, not hidden.
Recertified nightly at 02:30 · last pass 2026-08-26 03:10
Every figure here comes from the same ledger the free dispatch is written from. The instruments describe what has already happened. They forecast nothing, and the house does not permit them to try.