CMAC / Investment
A proprietary investment mandate centered on CMAC-owned capital, quantitative inquiry, and disciplined judgment under uncertainty.
CMAC's mandate concerns company-owned capital, not client assets or pooled outside investor capital.
This website explains the mandate and the principles guiding research. It does not provide trading access, investment accounts, or investment-performance reporting.
Investment principles
Define the economic rationale, the comparison that matters, and the conditions under which the opportunity could disappear.
Account for data limitations, alternative explanations, research selection, market frictions, and results that do not support the thesis.
Consider liquidity, concentration, drawdown, execution, and the possibility of loss. Capital preservation is an objective, not a guarantee.
Investing involves risk, including loss of capital. Research, simulated results, and technology descriptions do not establish live performance.
Explore the questions behind the investment mandate.