Thesis
We wait until the evidence converges.
Independent witnesses are the only thing markets reward across cycles.
Why we exist
Markets are loud. Most of the loudness is stories — tidy narratives wrapped around messy data, told by people paid to sound certain. Stories explain. Stories comfort. Stories do not compound.
We built onecap around a single, deliberately boring rule: act only when independent witnesses agree. Not one witness — twelve. Not opinion — filings, flows, prints, and prices. Not narrative — evidence that survives a different narrative being told over the top of it.
The entire structure is built around the patience to wait for that agreement. Most days the chorus is a soloist — one signal, no echo, no position. That is the boring half of the work, and the half that compounds.
The chorus
Twelve witnesses. None decisive alone.
The chorus is twelve voices: insiders, activists, smart-money allocators, contract-flow, political trades, volume regimes, technical posture, balance-sheet quality, valuation, earnings persistence, news polarity, and post-earnings drift.
No single voice is decisive. Insider buys are sometimes wrong. Activists sometimes exit at the bottom. PEAD reverts. Sentiment lies. Each layer is a witness with its own bias and its own decay function — which is why we never trade a single layer.
The intersection is what we trade. When eight, ten, twelve voices line up on the same name, the prior changes. A name that screens at 35 is not a coin flip — it is a position with a defined entry, a defined exit, and a defined risk frame.
Hover or focus a node to read what each witness sees.
What we don't trade
The trade you skip is the loss you avoid.
Single-signal trades
One witness is a story. Three are a coincidence. Twelve aligned, weighted, and decay-corrected — that is a position. We don't take a swing because the insider bought.
Story stocks without earnings
If the company has not earned money in the last eight quarters, our valuation layer cannot speak. A silent layer breaks the chorus. We pass.
IPOs in lock-up
Smart-money 13Fs and insider Form 4 are mechanically distorted in the first 180 days. The chorus is not allowed to sing. We wait for the lock-up to clear.
Names with low ADV
Below $5M average daily volume, our entry is the price. Slippage eats Sharpe. We size to be invisible — if we cannot be invisible, we don't show up.
Macro on conviction alone
We do not short the dollar because the deficit looks bad. We trade markets, not narratives. Macro shows up only as a regime filter — never as a thesis on its own.
Four streams, one process
Different markets. The same rule.
Flow 2026 · Three desks
Tallinn.
Prague. Limassol.
The internal book has run since late 2024. Flow 2026 means the fund opens to outside capital this year. Same process, same risk frame, same desk — only larger.
Two physical locations. The New York desk handles US equities and options during market hours. The Prague desk handles overnight risk, crypto, and Polymarket. Both see the same book in real time. Decisions are made by the desk that owns the stream, reviewed by the other on a 24-hour delay.
We will stay small on purpose. Capacity is set by the stream with the thinnest liquidity, not by the one with the deepest pockets.
The thesis, once a month.