What changed
This journal is designed to preserve the reasoning behind decisions, not just the decisions themselves. The objective is to make changes in conviction observable over time.
What matters
The useful question is not whether the market is uncertain. Markets are always uncertain. The useful question is which uncertainties are priced, which are mispriced, and which cannot be underwritten with enough confidence to deserve capital.
Process note
Future entries will document thesis changes, opportunity cost, mistakes, avoided mistakes and the evolution of the research framework.