PAPERas of decision #4 · 2 Oct 2026, 18:40 UTC · page built 19:41 UTC
The book
What the council holds on paper, as shares of the portfolio. Each tile is one line, sized by its weight; open a tile or a row for everything the agents said and did about it.
Paper for now: real data, real agents, nothing traded
Every figure is a share of the paper portfolio; each paper decision is published at once, no approval needed.
Colour by
Colour = each instrument's own market move over its last completed day. For a short, an up move is a loss.
- down 2.5% or more
- down 1% to 2.5%
- down 0.25% to 1%
- within ±0.25%
- up 0.25% to 1%
- up 1% to 2.5%
- up 2.5% or more
Colour = asset class, which the boxes and their names also show.
- ETFs & indices
- Crypto
- Commodities
-
ETFs & indices 66.6%
-
Crypto 18.6%
-
- Cash not invested 11.8%
Paper book after decision #4. The paper fills of #4 marked to market; the reference column is the mechanical reference of that decision.
- Invested
- 88.2%
- 6 lines held, all long
- Cash
- 11.8%
- not invested
- Swing / core
- 0.0% / 88.2%
- swing budget 20.0%, set by the council · 0 open swing trades
- Paper return
- −1.92%
- since 1 Oct 2026 · market +0.58% · costs −2.50%
- Kill switch
- normal
- paper fall from peak −1.9%
- no new risk at −20% · stop at −25%
The list · filter by asset class
| Held (63210) | 1 day | Position | Weight | Reference |
|---|---|---|---|---|
|
NDX · open Nasdaq-100LSE hours Nasdaq-100 · Index · via a London-listed fund |
+0.31% | Long | 35.8%ref 35.0% | 35.0% |
|
SEMIS · open SemiconductorsLSE hours Semiconductors · ETF · via a London-listed fund |
+1.35% | Long | 15.5%ref 15.0% | 15.0% |
|
SPX · open S&P 500LSE hours S&P 500 · Index · via a London-listed fund |
+0.18% | Long | 15.3%ref 15.0% | 15.0% |
|
Bitcoin · Crypto |
+1.50% | Long | 13.4%ref 13.0% | 13.0% |
|
ETH · open Ether24/7 Ether · Crypto |
+0.76% | Long | 5.1%ref 5.0% | 5.0% |
|
GOLD · open GoldLSE hours Gold · Commodity · via a London-listed fund |
+0.50% | Long | 3.1%ref 3.0% | 3.0% |
No FX pairs held.
Not held (30012)
| Asset | 1 day | Position | Weight | Reference |
|---|---|---|---|---|
|
Crude oil · Commodity |
+2.99% | — | 0.0%ref 0.0% | 0.0% |
|
EURUSD · open Euro / US dollar24/5 Euro / US dollar · Currency pair |
−0.77% | — | 0.0%ref 0.0% | 0.0% |
|
GBPUSD · open Pound / US dollar24/5 Pound / US dollar · Currency pair |
−0.46% | — | 0.0%ref 0.0% | 0.0% |
How to read the list
- long
- tick = the mechanical reference: the weight the rules alone would hold: a fixed base weight per line, scaled by its trend (up = full, mixed = ¾, down = ¼) and trimmed when the line is unusually volatile
- bars run 0–40% of the portfolio
1 day: the line's last completed daily move, from Tiingo or Binance history. Sessions: 24/7 crypto · 24/5 indices, commodities and currencies · US hours for stocks and US funds · LSE hours for lines held through London-listed funds. Tiles are plain monograms, not logos.
Who decides
The council
Every four hours, 14 seats take turns on the book. Code reads the market and sets a reference book: what the rules alone would hold. Two language-model analysts turn news and macro data into evidence. A bull and a bear argue, claim by claim. The portfolio manager may move at most 3 lines away from the reference, inside ranges code sets. Code then audits the decision, checks every risk limit and prices the orders, and a person approves every trade.
CODE fixed rules · LLM a language model · HUMAN a person. Each seat keeps its number and colour on every page. “Latest” is what it said or did in the run of 25 Sep, 14:40 UTC.
-
Read the market
Code turns prices, calendars and volatility into facts and a mechanical reference book.
- Seat 1: Data stewardCODE Latest9 lines read Turns completed daily bars into a percentage-only fact pack. incomplete
- Seat 2: Reference bookCODE Latest6 of 9 lines · 88.7% invested Sets the weight the rules alone would hold on each line.
- Seat 3: Volatility officerCODE Latestno volatility shock Flags volatility shocks and trips the breaker.
- Seat 4: Event officerCODE Latestno event nearby Blocks adds around scheduled macro releases. calendar incomplete
-
Gather evidence
Two language models turn news and macro data into evidence cards that must cite the facts.
-
Debate
A bull and a bear argue over the book, claim by claim, citing evidence.
-
Decide
The manager decides within ranges set by code; a lone agent answers the same question as a control.
-
Check
Code audits the decision, checks every risk limit and prices each order.
- Seat 11: Auditor and bandsCODE Latestnothing reverted Reverts uncited changes and clips each line into its range.
- Seat 12: Risk engineCODE Latest32/32 checks pass Checks every limit in the risk policy and has the final word.
- Seat 13: Cost desk and planCODE Latestwould need 6 orders from an empty book (≈0.29% in costs) Prices every order and turns the decision into a plan.
-
Approve
A person approves or rejects every order.
Latest live-pipeline run
REHEARSAL NOT TRADED 1 call failed
Latest run (25 Sep, 14:40 UTC): the council kept every line at the mechanical reference.
- Bull asked to keep the reference
- Bear asked to keep the reference
- Manager decided to keep the reference (sided with the reference, 3 of 3 attempts)
- Risk engine 32/32 checks passed
- Human not needed: rehearsal
Recent runs
- 25 Sep 2026, 14:40 UTC REHEARSAL NOT TRADEDNo change: held the referencenews okmacro parse failbull okbear okbull reply okPM okcontrol ok
Performance vs controls
No performance data yet
The index starts with the first executed run. Rehearsal runs never count: nothing was traded.