Every system has a regime where it underperforms. Breakout trading suffers in chop; that’s exactly when a slower sleeve of quality businesses should be doing its job.

The framework

Three filters, in order:

1. Quality — high return on invested capital, sustained, without leverage tricks.
2. Value — paying a fair multiple, not a hopeful one.
3. Entry discipline — half-tranche entries only. If the thesis is right, there’s time.

First tranches are already deployed. More notes as positions build.

Not investment advice. I hold positions in the tickers mentioned.