Disclosure
What this firm does, what it does not do, and what it holds.
Today
Substrata holds no position in anything it covers, trades nothing, and is paid by nobody it writes about. There is currently nothing to declare, and that itself is the declaration.
- Position 1
- We publish research. We do not trade, broker, quote, or arrange the movement of any material under coverage.
- Position 2
- Nothing on this site is an offer, a solicitation, an inducement to deal, or investment advice.
- Position 3
- We hold no position in anything we cover. When that changes it will be disclosed before the note, not after.
On the desk that does not exist
Acting on this map rather than only publishing it would mean a regulated book: licensing, compliance, capital and counterparty onboarding, none of it quick and none of it started. It is an intention. Until it is real, no page here carries a price, a lot size or an invitation to deal, because a firm that advertises a capability it does not have has already told you how much its other claims are worth.
The rules below are written now, in advance, for the reason a disclosure policy is only ever credible before it is needed. Written after the first position, every clause reads as a response to something.
The rules, when there is something to disclose
- Rule 1
- Every published note states the firm’s position in what it covers — long, short, flat, or none — at time of publication.
- Rule 2
- Research is never withheld, delayed or softened because of a position. If the two conflict, the position is the thing that moves.
- Rule 3
- Nothing is published to move a price the firm is about to act on. Notes go out on a schedule.
- Rule 4
- Sources are named. An unsourced claim is marked unverified rather than stated, however confident the analyst is.
Why it is free
The research is free and public. What it buys is standing — being the place people check, and being told when a row is wrong by someone who works in that chain.
Out of scope
Nothing on the weapons or nuclear-fuel-cycle path is covered, and no coverage is written to help anyone acquire a controlled material. The three curves are compute, energy and actuation.