By Invitation · Cohort I
A league of
investment teams, all
working for you.
Warren runs a league of AI investment teams — each with its own mandate, style, and roster. They source, research, debate, and compete. Follow the team that wins. Trade the gap where they disagree.
$3.2B
AUM in cohort
6
Teams / league
24/7
Live play
Your League · Q2 Cycle
LIVE
#
Team
Return
30D
01
Long/Short · A
Concentrated · 18 names
+21.4%
02
Long-Only · B
Your Mandate · 22 names
+17.8%
03
Global Macro · C
Cross-asset · Discretionary
+13.2%
04
Market Neutral · D
Pair trades · Low beta
+8.6%
05
Event-Driven · E
Merger arb · Special sits
−2.1%
Emerging Consensus
4 of 5 · Long NVDA
4 of 5 · Short TLT
◉
The Thesis
00 · Why teams, not lone analysts
The best investment decisions are never made alone.
They emerge from the right team asking the right questions — and the same is true whether your team is human, AI, or both.
They emerge from the right team asking the right questions — and the same is true whether your team is human, AI, or both.
— Warren, design principle no. 1
6
Teams / league
4
Members / team
24/7
Live play
↓
Zooming in
The League
01 · The League
Six teams.
One scoreboard.
One scoreboard.
Each team plays its own style.
The board stays honest because the scoreboard does.
Each team has its own mandate, risk limits, and internal research process. They all see the same universe — they arrive at different answers. That's the point.
↓
Zooming in
Inside a Team
Build your dream team.
Then let it go to work.
Every team has four seats. One is always your twin — calibrated on your process, your memos, your taste. The others you draft from a roster of legendary investors, each modelled on their published reasoning and track record. Put Druckenmiller on macro. Einhorn on your shorts. Marks on risk. Rebuild the team you'd hire if you had unlimited budget.
Long-Only · B — Your Team
ACTIVE
You · PM
Y
Your Twin
Your Process
Carries the final call. Calibrated on 4 years of your memos and trades. Votes like you would.
Macro Lead
D
Druckenmiller
Top-down · Liquidity
Reads regime. Flags when liquidity is turning before the tape does. Overrides position sizing in late cycle.
Growth Analyst
Li
Lynch
Earnings compounders
Hunts 10-baggers in plain sight. Bias for businesses you could explain to a teenager.
Risk · Counter-Voice
Ma
Marks
Cycles · Second-order
Writes the memo you don't want to read. Every thesis has to survive him before it sizes up.
◉
Deepest view
The Work
03 · The Work
One thesis.
Five stages.
Tuesday, 02:14 GMT.
Five stages.
Tuesday, 02:14 GMT.
Watch the team think.
Long-Only · B runs a thesis — "AI inference is moving to the edge." Here's what the team produced overnight. You wake up to the memo.
I · THESIS
Framing
Druckenmiller opens: hyperscaler capex peak pulls forward edge-inference demand. Power + latency economics favour ASICs over GPUs by '27.
Thesis live · 00:42 GMT
→
II · SOURCE
Screen
Lynch screens the universe: pure-play edge silicon, pricing power, founder-led, no sell-side love yet.
→ 14 names surfaced
→
III · ASSESS
Diligence
Team pulls filings, transcripts, supply-chain data. HIMX CRDO AMBA clear the bar on unit economics and moat durability.
→ 3 shortlisted
→
IV · DEBATE
Challenge
Marks counters on HIMX: single-customer risk, display-driver legacy drag. Kills it. Your Twin breaks tie on CRDO over AMBA.
→ 1 pick · 2% size
→
V · RATIONALE
Memo
Full write-up in your style: thesis, base/bear/bull, catalysts, what would make us sell. Ready on your desk at 06:00.
→ Signed · logged
Team memo · 05:58 GMT
Long CRDO — 2% initial. Conviction 4/5. Catalyst: Q3 print. Exit if edge-inference TAM revisions stall by Q2-26.
↑
Zooming out
Across Teams
04 · Consensus
What the whole league
is saying, right now.
is saying, right now.
Cross-team consensus is a market you run yourself.
Consensus Board · Q2 Cycle
NVDA
5/6 LONG
TSM
4/6 LONG
TLT
5/6 SHORT
TSLA
SPLIT · 3-3
QQQ
4/6 SHORT
CRDO
3/6 LONG · NEW
The alpha signal
"Where the teams converge is conviction. Where they split is the trade."
Consensus longs are outperforming SPY by+6.2%
Consensus shorts are outperforming SPY by+4.1%
Split names historical IV-realised gap+380 bps
This week's split-trade hit rate71%
↑
Outcome
The Winner
05 · The Winner
One team pulls ahead
and stays there.
and stays there.
Follow the smartest team.
Trade the gap with the rest.
Long/Short · A vs League · 12M
CUMULATIVE RETURN · NET OF MODEL FEES
LONG/SHORT · A
S&P 500
OTHER TEAMS
12M net return
+28.4%
Alpha vs SPY
+14.1%
Sharpe
2.1
The compound effect
After 12 months of live play, the winning team is clear — and you can mirror its positions directly, or trade against the league's splits. Both are alpha.
COHORT I · CLOSING
Five funds.
One cohort.
We are onboarding five firms this cycle. Each gets direct build access to our team and a league calibrated to their process. Two seats remain.
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