Careers
We hire rarely, and we say so
This page has no roles on it. Rather than leave it empty, it sets out what the work actually is, in the same words the rest of this site uses.
Open roles
What is open right now
Nothing is open at the moment.
That is the position rather than a placeholder: there are no roles available. We would still rather hear from someone who has read the research and has something specific to say about it than not hear from them, and speculative notes are read. Nobody should expect a quick reply, or any reply where there is nothing to answer.
Last confirmed 27 August 2026. If this page still says nothing is open, that is because it was checked, not because it was forgotten.
The work
What the job is, before anyone describes the culture
Three areas, each already documented in depth on this site. They are the honest version of a job description: read them and you will know whether the work interests you.
Operational due diligence
Custody, segregation of duties, counterparty and venue exposure, valuation, controls, key-person dependency. Eleven areas, assessed before a strategy is judged on returns at all.
Read the detailManager research and selection
Finding, assessing and combining specialist managers — and declining most of them. A due diligence process that never says no is not a process.
Read the detailRisk, operations and oversight
Exposure, leverage, liquidity and drift, monitored continuously, plus the assessment of an external provider's systematic research. The models are the provider's, not ours.
Read the detail
The firm is registered in Luxembourg, with people based across Europe, the Middle East and Latin America.
Read something first, then write
The most useful note we receive is one that argues with something we have published. The research library and the operational due diligence framework are both open, and neither asks for an email address.