Manifesto Level III — The Execution Manual
The operating manual: the rules, the limits, and the discipline that governs every decision.
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Letter №5 | August 2026
Epictetus Fund · Monthly Letter · Published September 2026 Letter No. 5: The Cithara Player and the Operator’s Anxiety Dear readers, This is Letter No. 5, covering August 2026. “Whenever I see someone in a state of anxiety, I ask: what is it that he wants? If he did not want
Letter №4 | July 2026
Epictetus Fund · Monthly Letter · Published August 2026 Dear subscribers, this is Message №4 | July 2026. “Following nature” for Zeno isn’t a bumper sticker, it’s the demand to see the Logos as the rational order of the world (markets included) and to align our inner reason with this order
Letter №3 | June 2026
Letters Archive · 2026
Why Epictetus Fund Doesn't Do Swing Trading
Letter · June 2026 (Architect of the System and the Sage’s Clay Lamp) 10 June 2026 Epictetus Fund doesn’t avoid swing trading out of asceticism or some fancy pose. It avoids it because, over a long horizon, swing trading almost always swaps capital architecture for reacting to noise, and