Desk 03 — Stocks
Shares in
listed companies.
Any market, any sector, any size — if it is listed and clears our screens, this desk can hold it.
One line on a chart. Several hundred decisions behind it.
Move your cursor across it for the value at any point, and change the period to see how the shape holds over longer horizons. The short views are noise; the long ones are the argument.
Any listed company is eligible. Very few are suitable.
There is no restriction on where this desk can look. Large or small, London or Tokyo, industrials or software — the mandate is deliberately open, because good businesses do not cluster in one index.
What narrows it is the test. A company must generate genuine cash, carry debt it can service in a poor year, and have a record long enough to assess. That removes most of the market before price is discussed.1
Positions are then left alone unless something changes in the business rather than in the price. Holdings are trimmed when they grow into an outsized share of the book and sold when the original reason for owning them stops being true.2
A falling share price is information, not an instruction.
We do not short, we do not use leverage, and we do not trade on the day’s headlines. Activity is a cost before it is anything else.
Dividends and realised gains are pooled and paid out on the published dates. There is nothing for you to sell to receive them.
Exposure to all of it starts at $500. Every order, every rebalance and every dividend is handled centrally.3
Equities are the part of the business most people think they should be watching. We would rather you did not have to.
Deliberately repetitive. That is the point.
The desk does the same four things every quarter, in the same order, whatever the market is doing that month.
Several hundred decisions, one line on a chart.
What the Equities Desk traded, the rationale for each decision, and when it deliberately held — reported after the fact, never as a forecast.
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