Quarterly commentary: patience as a position

What we changed, what we deliberately did not change, and why.

Alexandre Marchand · March 30, 2026 · 9 min read

What changed

We lengthened option expiries across most mandates. Shorter-dated structures were being priced for a level of near-term certainty we did not share.

What we left alone

Core bullion weights were unchanged. Activity for its own sake is the most reliably expensive habit in this business.

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