Understanding the Forces That Move Markets
Modern markets function within a complex environment shaped by economic, technical, structural, fundamental, and behavioral factors.
This eBook explains how these forces influence asset prices and describes how a systematic, rules-based framework can help investors interpret market conditions using consistent, data-informed analysis.
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WHAT YOU'LL LEARN
Inside the eBook
A breakdown of the quantitative framework behind the BWC Founders Fund — written for sophisticated investors who want to understand the methodology, not just the results.
- Why most portfolios are structurally incomplete. The case for why tracking a single factor — momentum, value, or macro — leaves portfolios exposed to regime shifts every few years.
- How the five forces interact. Macro sets the regime. Technicals confirm trend. Derivatives reveal hidden positioning pressure. Fundamentals anchor valuation. Sentiment identifies behavioral extremes. How the system reads all five simultaneously.
- What dispassionate execution actually means. How the framework eliminates the decisions most managers get wrong — not by being smarter, but by removing the human from the decision entirely.
- The role of derivatives and market structure. Options flow, gamma exposure, and dealer hedging mechanics — the invisible forces that create predictable pressure points most investors never see.
- How behavioral extremes become systematic opportunities. Quantifying fear, greed, and crowd positioning to identify the dislocations where asymmetric returns are available.
THE FRAMEWORK
Five independent signals.
One unified decision engine.
Each force provides an independent signal. Together, they form a view of market dynamics that no single factor can achieve alone.
FORCE 01
Macroeconomic Imperative
Interest rates, inflation, employment, and monetary policy — identifying the prevailing economic regime and its asset allocation implications.
FORCE 02
Technical Price Action
Price trends, momentum, and mean reversion signals across multiple timeframes — the most direct expression of aggregate market sentiment.
FORCE 03
Derivatives & Market Structure
Options flow, gamma exposure, and dealer hedging mechanics — invisible forces that create predictable pressure points in price action.
FORCE 04
Fundamental Valuations
Earnings, revenue growth, balance sheet quality, and valuation metrics — the fundamental anchor that validates or challenges signals from other forces.
FORCE 05
Sentiment & Behavioral Extremes
Quantified fear, greed, and crowd positioning — identifying behavioral dislocations where systematic strategies generate asymmetric returns.
GO DEEPER
Want more than the framework?
MONTHLY INVESTOR LETTER
See the strategy in practice
Each month, Rogan writes a detailed letter to investors covering which models fired, which strategies engaged, and why. It's the transparency most funds talk about but don't actually deliver.
SCHEDULE A CONVERSATION
Speak directly with the founder
No sales desk. No intermediary. If you're a qualified investor evaluating systematic strategies for your portfolio, Rogan will take the meeting personally.