The Dispatch
Notes on the strategies we're working on, markets we're watching, and what's happening inside the firm.
The equity market is pricing in a soft landing. Credit, banks, and commodities are not. Our May 2026 cross-asset read on where the signals align — and where they break.
Chang and Alice maintain their Hold ratings on $COIN and $NVDA heading into back-to-back earnings in May.
If you've spent meaningful time in systematic or quantitative strategies, we'd love to connect you with Chang and Alice.
Chang Liu starts Coinbase at Hold and Alice Li starts Nvidia at Hold - two theses, twelve weeks to see how they play out.
Applying Karpathy's autoresearch loop to quantitative strategy development — 30 autonomous experiments, zero human intervention.
From internal research tool to open-source project - the story behind July, our professional-grade Python backtesting engine.
Chang Liu and Alice Li join our Quantitative Research group this spring.