Holdings, conflicts, and what this site is not

What I hold, by category

I do not publish individual positions, because a list of tickers is the closest thing to a recommendation that a disclosure page can accidentally become. Categories, updated whenever they change materially:

Rules I hold myself to

• No trading in anything named in a column, in the two weeks either side of publication. Columns rarely name anything, which makes this easy.
• No paid arrangements of any kind — no sponsorship, no advertising, no affiliate links, no paid newsletter placements.
• No pre-publication review by anyone connected to a subject.
• Guests disclose their own position in their own words, and I do not edit that paragraph.

Sources of income

This site earns nothing. My income comes from unrelated consulting work in risk reporting, none of it for asset managers, brokers or issuers. If that ever changes it will be written here before the next column runs.

Corrections

Errors of fact are corrected in place with a note at the foot of the column saying what changed and when. The rate-path column carries one such note. Errors of judgement are not corrected, because that is what the column is, but I try to say so the next time the subject comes up.