Concerning the Pond.
You have noticed that we keep mentioning it. This is deliberate. This page explains nothing, at length, with great confidence.
The pond is not a place. It is a posture toward risk.
To be “in the pond” is to hold a position with full knowledge of the water around it. To be “out of the pond” is to be on a bank, watching others hold positions, narrating. Royal Duck prefers the former. It is wetter, but more honest.
All ponds have a depth. A prudent allocator learns it before stepping in. A reckless allocator learns it afterwards, mid-sentence.
Competitors operate shallow ponds with flashy fountains. We operate one deep pond with excellent drainage and a single, discreet, heated corner.
We would rather miss a pond than explain a drowning. We would also rather explain nothing. See Article IV.
A duck is not a mascot. A duck is a risk framework with feathers.
Live conditions at the waterline.
Updated, as far as anyone can tell, whenever the Chair of the Pond Committee remembers.
Deep enough to matter. Shallow enough to deny.
Perfect for duration, poor for swimming.
Measured via a proprietary index of waddle cadence.
Questions about the Pond.
Where is the Pond?
Wherever the principal is not looking. Official records place it near Geneva, in an area we have been advised to describe as “approximately a lake.”
Is the Pond a fund?
No. The Pond is a worldview, a conviction, a small body of water, and a defined term in our memorandum, in descending order of enforceability.
Can I invest in the Pond directly?
You may, by introduction, allocate to the strategies that sit beside the Pond. You may not enter the Pond. There is a rope. The rope is symbolic and also real.
Does the Pond have a token?
No. If anyone offers you a Pond token, they have confused water with currency. See also: DeFi.
What happens if the Pond freezes?
Liquidity is suspended; skating is permitted. Quarterly letters are reissued in a warmer typeface.
Why do you keep saying “pond”?
Because it is the most honest word in finance. Everything else is a euphemism for something that looks like a puddle from above.
The water is fine. Reportedly.
Those who enter the Pond are advised to bring a towel, a lawyer, and a firm grip on their expectations.
Start Investing