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 №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
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 This philosophy has already lasted around 2,500 years and, unlike many intellectual fads, hasn't become outdated — it's become
Manifesto Level V — Post-mortem & the Steward Level
Every rule we've broken, diagnosed in the open — and what it means to steward capital for 25 years.