Counterterm Capital
Counterterm Capital

Every price makes a claim.

                          ·                     ·                 ·

                    ·
        ·                          ·

                                        344555443
                                ·   357  5 7   5  75
                                  48 7    76666789 895
                            ·   485    74        259 482
                     ·    ·    6 5855 7            27  82
                              5 6    85              8  8
                              5    9467              46752       ·   ·
                             4 7 74548 6
                             475 58   4 84             ·
                             2 6 44 9     84
                              646   5 6 478984
                               69  9 4  8   9 85
                                38  8 7  84 5 7 85    ·
                             ·    474  7 48       84
   ·   ·       ·                    37 9549      7  6
                                       5897 799  7  77
  ·                           34667888776679 679595   6
         ·      · ·        479  4 59 9878958   7  5    5
                        2659  7 8 874     36    8  57  9
                      36   87 8 673         4 56  5 8 8 5
                 ·   58 788     6     ·      6  4       8
                   38  5 76  5 5             446 76 4 4 6
                  4   9   78765              55   9 8  8
                 45 6446    66               6474 85    8
     ·          4    4    7 8                776  4   688
               37 5 95  658 3                 7  47  4  6
               7 5667      6             ·  4 88995 7  53      ·
  ·           4  9  5 4 469                 78 9 4    77
              7657 6      6                3 46 4449  84
              7 9     5   3                76      7  6
             3 7  7 99   8                449648 8 6 8
             38 7        6               29   9759 892
              9  44445 6 4               7 5    9  83
              6  66 7   43              656    4  82
              2 87 8 496 3             5 99   8  6
 ·             447     5 3            566   4 483
                4        7           6 5    895
                ·37 6 6 9 73       48   97885
                   3696 78  7544569     863           ·
                      3679 8 5  79 98642
                           2333332        ·


          ·                                      ·
                      ·



     ·

fig 1 · δ

01

Counterterm

coun·ter·term  noun

In physics, the term added to a calculation to cancel an infinity and leave a finite, measurable answer.

Markets produce their own infinities: stories that compound faster than any business can. Left alone, the arithmetic breaks.

We are the correction that returns the sum to something finite.

Σ1
+ δ 
α 
    ·                                            ·
                                                    ·
                                 345544
·                             57 66 4 4 85
                      ·     49  643223469 85           ·
                           6  683      38 5 7
                          59646986    64674  6
                         ·986· 3889448584  5 92
  677777777777777777777777863    584 96    2 6877777777777777777777777
  788888888888888888888888943    5 76 6      9888888888888888888888888
                          945  384 549 84  5 62     ·      ·
               ·          569464 72   6  639 6
        ·                  66 884      388777
                            5979642  23689 5
                            · 58  468   862              ·
                                24555542
                                                         ·
                                         ·

fig 2 · ⊗

02

Principles

A

The filing is the primary source. Everything else is commentary.

B

Risk is defined before the position exists.

C

Patience is a position.

03

Partners

David Miedzybrodzki

Short seller and investor. Founded and exited an EdTech business. Author of Dizzying Expectations, his 2025 short report on Anavex Life Sciences.

Mark Lamb

Fourteen years building trading and exchange businesses. Ran three exchanges, scaled AUM to $1B and designed flexUSD, the first interest bearing stablecoin.

Tim Mole

Markets and energy trading executive. Former Head of Trading at FCA regulated SVS Securities. As CEO of EcoDev Group, he set the trading strategy for a 1.5GW battery portfolio.

04

Correspondence

[email protected]