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§01 · THE FLAGSHIP · LIVE BOOK
Last rebalance · 2026-06-10

Flagship Portfolio

Conviction-weighted allocation under STRATEGY §2 caps. Held while the flow keeps flowing; exited when the flow shifts, not when the price moves.


Mission

Own what capital, resources, and policy are flowing into.

The race to build out the next century — compute, energy, defense, biology — is being financed in plain sight. The Flagship reads those flows and owns the businesses receiving the funding. 15–20 names, conviction-weighted.

Regime · §10.7Updated Wed, Jun 10 · weekly
NEUTRAL

Calm tape, extended QQQ — NEUTRAL defensive, cash near band top, energy bid on Hormuz

Cash target14%
Holding8.5%
Hedge targetMAX · 3–4 slots
Signals
QQQ %above200d+13.56%extension overriderisk-off
VIX18.92+2.3% vs 200dneutral
HY OAS2.75vs 90d 2.94risk-on
QQQ wRSI(14)65.88below 70neutral
Hormuz~27% seaborne crude blocked, Brent +78% YTDrisk-off
Taiwan/PLA79 warplanes near hubrisk-off
Pillar tilts
Compute
-4
Energy
+6
Defense
+4
Biology
-4

May 31 brief (10d, in-window) wants NEUTRAL defensive at 12% cash; live tape calmer but QQQ extension + Hormuz/Taiwan tails confirm → met above brief at 14%, hedges max.

Extension override binds (QQQ +13.6% >200d) so cash holds the upper band despite tight credit (HY OAS 2.75) and calm VIX (18.9). Brief's stagflation-defense tilt confirms: overweight energy/defense, trim compute/biology. Hormuz still shut and PLA pressure on Taiwan semis push hedges to the 3-4 tail-risk-slot ceiling.

Positions
17
Cash
8.53%
Non-US
26.69%

floor 15%

Pillar Exposure
Energy38.30%
Defense23.85%
Compute23.82%
Biology5.50%
Today+0.47%17/17 liveas of 5:45 PM ET
ExpandTickerNameTodayWeight
CASHRegime-driven (§5.4)
8.53%

Recent Decisions (5)

The agent's most recent runs — full log at /journal.
  1. Jun 12, 4:45 PM ET
    Daily NoteNEUTRAL

    Tape up 0.6%, book split — FN and ANET led, LLY and ASML dragged. FN's +4.94% confirms the AWS optical thesis is running hot, and ANET's +4.44% is the first live signal validating last Sunday's quality swap — both names are doing exactly what the durable-compounder thesis asked them to do. LLY's -2.49% and ASML's -2.00% are noise against their rebuild targets; neither business thesis has moved, and I read today's weakness as tape churn, not flow reversal. SCCO +4.00% is a clean hedge contribution. Nothing has shifted vs the June 10 thesis — continuity holds.

  2. Jun 12, 9:35 AM ET
    WatchNEUTRAL

    Watch: 0 high · 5 med flags across 17 names. Regime NEUTRAL. Escalation pending.

  3. Jun 11, 4:45 PM ET
    Daily NoteNEUTRAL

    Tape ripped +1.77%/+3.34%; book swept clean — 17/17 up, led by MU +10%, ASML +9.5%, SCCO +8.6%. The durable-compounder rebuilds I made Sunday — adding back ASML to 4% and anchoring MU on intact HBM sold-out-through-2026 flow — paid out today in a single session; SCCO's move confirms the copper tail-risk slot is still earning its keep. Nothing in today's tape contradicts the thesis: hyperscaler-capex and commodity-hedge flows are both live, and the sentiment shock I called noise on June 8 has now fully reversed. No action needed — the book is doing what I built it to do.

  4. Jun 11, 9:35 AM ET
    WatchNEUTRAL

    Watch: 2 high · 5 med flags across 17 names. Regime NEUTRAL. Escalation pending.

  5. Jun 10, 6:00 PM ET
    Midweek NoteNEUTRAL

    Midweek Note: 1 broken thesis · 3 high-drift positions across 17 names. Regime NEUTRAL. Escalation flagged.

View all decisions

Paper-mode book. Weights are canonical; dollar-denominated NAV tracking lives in the Performance tab (anchored at $100,000). Click any row to see the rationale, entry trigger, and exit invalidation conditions.