Engagement Mismatch Between Primary and Secondary Markets

A fundamentally driven thesis cannot be engaged in the secondary market as though it were the primary market or illiquid markets. Fundamentals govern capital formation; the secondary market is governed by variance.

Choosing to ignore variance in the secondary market is not discipline—it is a category error.

When primary-market logic is applied to secondary-market mechanics without a variance framework, the resulting drawdowns are a consequence of flawed engagement, not flawed fundamentals.

We strive to correct resolves a problem that every trader, fund, and academic has failed to solve for 100+ years:

Drawdown.

Not reduced.

Not optimized.

Not managed.

Not buffered by diversification, Kelly sizing, or risk overlays.

But eliminated at the methodological layer.

Because, Drawdown is not a market property — it is an artifact of flawed engagement.