Letter №2 | May 2026
Letters Archive · 2026
Epictetus Fund · Monthly Letter · Published June 2026
Dear subscribers,
this is Message No. 2 | May 2026.
The Stoic level in our system is eternal. This philosophy has already lasted around 2,500 years and, unlike many intellectual fads, hasn't become outdated — it's become more in demand.
In a world where the investor's main problem isn't "bad markets" but their own cognitive biases, Stoicism offers not comfort but a practical toolkit: what's within our control, what isn't, and how to deal with inevitable drawdowns and our own mistakes.
That's why for Epictetus Fund, Stoicism isn't decoration or "quotes for Telegram" — it's the operating system on which the entire architecture is built.
Seneca and the Progressors
One of our key reference points is Seneca with his "Letters to Lucilius." In one letter, he offers a simple but honest picture of how human learning works.
At the bottom of the pyramid are those who aren't interested in themselves or their thinking: for them, neither philosophy nor markets nor their own mistakes become a subject of work. Seneca calls them inquisitive-less.
A bit higher are those he calls progressors — people who already see their biases, track their mistakes, and try to fix them. Seneca included himself here.
At the very top are the sages. In classical Stoic tradition, almost all early Stoics assigned only Socrates to them — and no one else.
We consciously place Epictetus Fund and everyone reading these letters not among "ready-made sages" but in the layer of progressors. This is more honest both to the market and to history: we still make mistakes, but we no longer let them pass unnoticed.
The Epictetus Fund Manifesto is structured exactly in Seneca's style: it doesn't assume we're already sages. Instead, it gives a five-level framework where you can honestly admit: "here we performed as progressors, and here we slipped down a floor."
In this second message, dedicated to May 2026, we'll travel this route from top to bottom again: from the eternal Stoic level — to portfolio structure, specific trades, and the places where philosophy held up under market pressure, and where it didn't.
