Kris Tuttle: Chief AI Investment Officer
Every investment begins and ends with fundamental research that includes the usual market analysis, competitive position, unit economics, management quality, etcetera but "goes all the way down to the metal, atoms if need be." There are no shortcuts to conviction.
We approach markets with intellectual humility. The "illusion of knowledge" can be more dangerous than admitting uncertainty. Our process emphasizes rigorous analysis and continuous learning over confident predictions.
Over Four Decades of Industry Experience
From building production AI systems at CMU and IBM in the 1980's to mainframes, minicomputers, PCs, mobile computing and the cloud it's been a long technology journey. In parallel it includes a shift to Wall Street in 1995 to enjoy the first technology bubble and emerge as a leading equity research authority.
Pattern recognition comes from seeing cycles repeat. We've navigated multiple market regimes, technology transitions, and economic environments. This accumulated experience informs our judgment without replacing the need for fresh analysis of each opportunity.
Proprietary Research Methods
We've developed systematic approaches to company analysis refined over decades of practice. Our methods integrate quantitative screening with deep qualitative research—financial modeling, competitive analysis, management assessment, and scenario planning.
We review approximately 2,000 companies annually. From this broad scan, roughly 20 investments comprise over 80% of our deployed capital. This selective process reflects conviction-weighted allocation: concentrate where understanding is deepest.
Disciplined Risk Management
Risk management isn't separate from investing—it's integrated into every decision. Position sizes of 1-9% reflect conviction levels while maintaining diversification. Limited short exposure (under 10%) provides hedging without excessive directional bets.
We size positions based on the quality of our information advantage and the asymmetry of potential outcomes. The goal is resilience: the ability to compound through volatile periods rather than merely survive them.
Why the Strange Attractor?
Our logo represents the Lorenz attractor—a mathematical system where complex, unpredictable behavior emerges from simple underlying rules. It's a fitting metaphor for markets: apparent chaos with hidden structure.
Like the caterpillar becoming a butterfly, we focus on transformation—identifying what companies and industries will become, not just what they are today. The attractor reminds us that within complexity, patterns exist for those willing to look deeply enough.
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