Blog

Commentary from the live track record: monthly reviews and long-form pieces on running a systematic futures strategy. Posts publish here first and are syndicated to Substack — subscribe there for email delivery.

• July 2026: −3.31%, and a currency trend that turned2026-08-07
• Managed Futures, in Four Poems2026-07-19
• How Futures Are Taxed: What the 60/40 Rule Is Worth, Computed2026-07-12
• June 2026: +9.35%, and a week we accidentally ran 3x our risk target2026-07-02
• May 2026: +1.76%, a steady FX-led month at fresh highs2026-06-06
• March 2026: +14.18%, energies dominated; HEATOIL alone contributed +16.25%2026-05-10
• February 2026: +8.66%, European sectors and energies carried; broad participation2026-05-10
• January 2026: +4.72%, FX dominated both sides; gold was the largest detractor2026-05-10
• December 2025: −4.70%, drawdown deepens to −4.9%, no per-instrument breakdown2026-05-10
• November 2025: +2.54%, modest gain, no per-instrument breakdown2026-05-10
• April 2026: +2.9%, energies carried, indexes bled2026-05-09