THESES

CURRENT THESES

The firm concentrates on a small number of long-duration theses. Each is held as conviction, not as a trade.

• AI Fundamentals ─ Most AI is priced on the AI. We price the problem.
• Blue Water ─ The dual-use ocean. We are long it both ways.
• Reefs & Fisheries ─ Category I. A dark fishing vessel and a dark militia vessel are the same detection problem.
• Littoral Autonomy ─ Category II. An aerial drone must stay aloft. A naval drone need only stay still.
• The American Worker ─ Project CASTOR. Beaver has redrawn the map of this continent before.
• The Third Product ─ Every extractive industry has a third product.