The Record — Part I

Before Almanac took a single member, the Portfolio Manager answered a 90-question record covering philosophy, return objectives, style, risk, alignment and community — and committed to publishing the answers. This is Part I (Questions 1–50), unabridged. Part II (Questions 51–90) covers methodology, measurement and process. Five of the ninety answers are marked "Being finalized" — their operating rules are already in force, but final legal boundaries are being completed with counsel.

Part II →

Part 01

Philosophy

Questions 1–10

Part 02

Return Objective

Questions 11–17

Part 03

Investment Style

Questions 18–26

Part 04

Risk

Questions 27–34

Part 05

Alignment and Transparency

Questions 35–42

Part 06

Community

Questions 43–50

Philosophy

Q1.What do you believe markets systematically misunderstand?

Q2.What is your actual edge?

Q3.Why should your results be repeatable rather than lucky?

Q4.Are you primarily a macro investor, stock picker, trend follower or hybrid?

Q5.What kind of opportunities excite you most?

Q6.What behavior in traditional finance do you most strongly reject?

Q7.What does “DIY” mean when members are still receiving your recommendations?

Q8.What responsibility belongs to you, and what responsibility remains with members?

Q9.Is financial education part of the mission, or only actionable recommendations?

Q10.What would make someone unsuitable for Almanac?

Return Objective

Q11.Are you trying to outperform the S&P 500?

Q12.Over what minimum measurement period?

Q13.Is the objective absolute return or benchmark-relative return?

Q14.What annualized return would constitute success?

Q15.What drawdown are you personally willing to tolerate?

Q16.Should members expect long periods of underperformance?

Q17.Is capital preservation more important than capturing every bull market?

Investment Style

Q18.Concentrated or diversified?

Q19.Long-term holdings or active tactical rotation?

Q20.Value, growth, quality, momentum or opportunistic?

Q21.Does macro analysis determine exposure or only contextualize it?

Q22.Are you comfortable holding 30–50% cash?

Q23.Will you buy falling assets?

Q24.Will you sell strong companies solely because they become expensive?

Q25.Do you average down?

Q26.When does averaging down become thesis denial?

Risk

Q27.What is the maximum acceptable loss on one position?

Q28.What is the maximum position size?

Q29.Is leverage ever permitted?

Q30.Are options used for hedging, speculation or not at all?

Q31.What happens after a defined portfolio drawdown?

Q32.Who or what challenges you when you become overconfident?

Q33.Can an AI agent block a trade, or only advise against it?

Q34.What risks cannot be captured quantitatively?

Alignment and Transparency

Q35.What proportion of your investable assets follows Almanac?

Q36.Will members see your actual execution prices?

Q37.How quickly after your trade are recommendations published?

Q38.How will front-running concerns be prevented?

Q39.Will you disclose personal trades outside the Almanac strategy?

Q40.Can you trade an asset before members receive the recommendation?

Q41.Will all historical recommendations remain permanently visible?

Q42.How will mistakes be documented?

Community

Q43.What knowledge level should members have?

Q44.What minimum investment horizon should they accept?

Q45.Should members copy the portfolio exactly or adapt it?

Q46.How much capital should a member allocate?

Q47.Are members allowed to challenge decisions?Being finalized

Q48.Will members contribute ideas?

Q49.Is membership based only on personal relationships, or also suitability?

Q50.What happens when a friend cannot emotionally tolerate losses?Being finalized