The letters
A quarterly read on the desk.
Halvren writes on a four-times-a-year cadence. Each letter is a short note on the quarter just past: what we wrote, what changed our minds, what we declined, and what is on the desk for the next ninety days. Public letters live here. Position-level commentary, the standing book, and the trades go to the private letters on Substack.
On cadence. One quarterly letter, distributed within four weeks of quarter-end. We do not write extra letters because a market moved. We write when there is something honest to say about the desk's positioning.
On format. Five short sections: the quarter, what we wrote, what changed our minds, what we passed on, and what is on the desk. The same five sections, every quarter. Discipline beats novelty.
On the private letters. The public letter is the read. The private letter is the book. Position-level commentary, the proprietary holdings snapshot, the trades, and the working theses too early to publish go to subscribers. How to read Halvren →