Three services, executed properly.
Research is the foundation. Brokerage is the discipline of execution. Advisory is the discipline of restraint. We do these three things, and we decline everything else — a firm that offers everything has thought carefully about none of it.
- Research
- Free · published on a fixed schedule
- Brokerage
- Introduction & oversight · no custody
- Advisory
- Flat retainer · no performance fee
- Coverage
- Metals · energy · FX · base metals
Research & analysis
Written before it is traded.
Independent technical and fundamental work on metals, energy and the dollar — published on a fixed schedule, free, and signed by the person who wrote it.
Research is the part of this business that has to come first. A view that cannot be written down in two paragraphs — thesis, level, invalidation, date — is not a view. It is a feeling, and feelings are expensive.
Every note we publish carries the name of the desk that drafted it and the principal who edited it. When a call is wrong we say so in the next letter rather than quietly deleting it.
Public research is educational. It is not a personal recommendation.
Daily session notes
Twice daily · FreeTwo notes each trading day — metals into the European open, energies into the New York open. Levels, catalysts, and where we would be wrong.
The fortnightly letter
Every other weekLong-form editorial on one question at a time: a spread, a supply story, a policy shift. Written to be read away from a screen.
Technical commentary
On the tapeMulti-timeframe chart work — structure, volume, and the levels that actually get defended. Marked up, not described.
Bespoke memoranda
By requestCommissioned work on a single instrument or exposure, held in confidence and never published.
Brokerage execution
The discipline of getting filled.
Broker selection, account opening and execution oversight with international commodity brokers — so the venue you trade through is one we have actually measured.
A good idea executed through a bad venue is a bad trade. We benchmark spreads, measure slippage on real tickets, and read the disclosure documents that most people never open.
The boundary matters more than the service: your account is opened in your name, with your broker. We introduce, we oversee, and we never touch the money.
We never take custody of client cash or positions.
Broker evaluation
Reviewed quarterlyRegulator standing verified at source, spreads benchmarked against peers, conflict disclosure read line by line. Panel reviewed quarterly.
Account setup & KYC
Typically under a weekDocumentation prepared, every field explained, submitted once and correctly — rather than three times over three weeks.
Execution oversight
Per ticketOrder routing reviewed and slippage measured on your fills, in normal conditions and in fast ones.
Instrument coverage
COMEX · NYMEX · ICE · CBOTPrecious metals, energies, base metals, agriculture and major FX, routed through international venues.
Investment advisory
The discipline of restraint.
Non-discretionary advisory for principals, family offices and corporate treasuries carrying real commodity exposure — a flat retainer, and no performance fee.
Non-discretionary means you decide. We write the analysis, argue the case, and put a number on the risk; the trade is yours to accept or refuse. Nobody at this firm can move your money.
The fee is flat and agreed in writing before anything begins. A performance fee pays us to take risk with your capital in the quarters when we are behind — so we do not charge one.
Flat retainer, agreed in writing. No performance fee, ever.
Position review
MonthlyEvery open position reviewed in writing against the thesis it was opened on — including the ones that have stopped making sense.
Risk analysis
QuarterlyConcentration, correlation and drawdown modelled on the book you actually hold, not a representative one.
Treasury hedging
Corporate mandatesFor businesses carrying input-cost exposure: what to hedge, how much, for how long, and what it costs to be wrong.
Quarterly portfolio letter
Every quarterSigned attribution — what worked, what did not, and what we changed our mind about. No revisions after the fact.
Come sit with us. The coffee is on the desk.
The first consultation is free and carries no obligation — an honest hour about what you hold, what you are trying to protect, and whether we are the right firm for it.
Mon–Sat · 10:00 – 19:00 PKT · Lahore