Market perspectives, fund updates, and insights on systematic investing from the team at Blackworks Capital.
Monday, 2 November 2026
Mega-cap technology led the market lower while small caps rose and credit tightened, a split the research reads as rotation rather than stress. Apple's results tonight, the midterms Tuesday and October payrolls Friday land on an options structure that would amplify any break of nearby support.
Articles and series on systematic investing.
Featured
Learn the truth about hedge funds, their strategies, and how they differ from mutual funds, focusing on risk management and a systematic approach to risk across market conditions.
Florence, Italy
Sharpe, Sortino, Calmar, alpha, capture ratios—what each metric reveals and how to read them together when evaluating hedge funds.
Glacier National Park, Montana
This blog post discusses why smaller systematic fund can often be more nimble and effective than a multi-billion-dollar giant.
Brooks Falls, Alaska
Discover the five forces that drive market prices and how Blackworks Capital's systematic framework translates them into disciplined investment decisions.
In July we measured the lowest sector correlation since 2000 and named the tells that separate a healthy rotation from a top. Here is what they say now.
Antarctic Peninsula
Part 11 of a series on building and testing an AI layer for our systematic framework. This one is about our operating record: what our independent manager did with the slack we gave it in the sixth piece, how far we swung toward structure in response, and where we now draw the line between structure and judgment.
Brooks Falls, Alaska
Part 10 of a series on building and testing an AI layer for our systematic framework. This one is about the first two things our control taught us once it was running, and about the tension underneath both: our effort to make a reasoning layer measured and repeatable, and what that effort costs the reasoning.
Falls Creek Falls, Washington
Part 9 of a series on building and testing an AI layer for our systematic framework. This one is about the hardest question in the project: how do you know an AI investment process is actually working, when it cannot be backtested? Our answer runs every night, and it was built to be impossible to argue with.
Sol Duc Falls, Washington
