Small, sharp,
independent.

STILLSOSHORT exists because the two disciplines that matter to us are usually separated: the short-horizon work of trading, and the long-horizon work of allocation. Running both from one capital base forces the honest question at every decision — is this position better than the alternatives we already hold?

No mandate, no external capital, no reporting cycle imposed from outside. That independence is the reason the horizon can be long.

Capital is finite and therefore competitive. We hold a small number of positions we can explain in a paragraph, and we let time do the compounding instead of activity.

We would rather be early and patient than correct and leveraged.

Every position begins as a written thesis with a falsifying condition and a horizon. Sizing comes from the risk framework. Review is scheduled, not triggered by price.

A treasury holds a reserve asset whether it chooses one or not. We chose the one with a fixed supply, continuous liquidity, and settlement without a counterparty, and we sized it so that volatility never forces a decision.

Bitcoin is the reserve. Everything else competes for what remains.

Hamburg has been a trading city for eight centuries: merchants, shipping, insurance, and a culture that treats understatement as a form of competence. It is a reasonable place from which to think about capital over long periods.