A Fund of His Own

Ghostline's strategy was simple in description and complex in practice: identify narrative dislocations where public data contradicted consensus, express views with defined downside when possible, avoid crowded leverage, and publish transparent research when market structure depended on misinformation. Ethan refused to accept soft-dollar arrangements from banks. He paid for independent research. He diversified prime brokers despite worse economics. He wrote investor letters that showed losers in detail, not just winners. The early returns were good, not magical. Up 8.4 percent in the first half-year while the market fell. Up 12.1 percent the next year with low net exposure. A short in a promotional electric-vehicle supplier paid.