About

I am an operator and an allocator. I run AI systems inside a regulated domain, where the cost of a wrong answer is real and the feedback loop is slow enough that a failure can run for months before anyone notices it. That is the work.

Before that I operated a CFTC-registered commodity trading advisor from 2017 to 2021. That is a regulated fund with the reporting, recordkeeping, and disclosure obligations that come with one. I mention it because it is the part of the history most relevant to how I think about other people's money.

The two experiences teach the same lesson at different speeds.

The discipline that survives both is structural, and it is three decisions made before the position exists: what the thesis is, what the risk and the reward are, and what would have to happen for the thesis to be wrong. The third is the one that does the real work later, and it is not the same as the risk level.

I size the position to the risk. After that there are three outcomes and no others: the risk level is reached, something breaks the thesis and I exit before the risk level does, or the thesis plays out.

I live in McKinney, Texas. I grew up in Ohio. I have three children, and most of what I write about the long horizon is for them.