Developing and testing investment strategies
Hulc AS is a Norwegian investment firm. We manage capital with strategies we develop, test and refine.
The Method
Institutional quality means nothing until it is named. Ours is six points, and it applies to every number we put our name to.
The assumptions are written down.
A number without its assumptions is a claim, not a result.
Data as it stood at the time.
Nothing is tested on information that did not exist then.
Costs and tax are counted.
They are not assumed away and not rounded down.
The criteria are set before the measurement.
What would falsify the assumption is written down first.
The limits are stated.
The numbers are estimates, and we show how far they move when the assumptions change.
The work can be run again.
Data, assumptions and method are stored, so that someone else arrives at the same answer.
None of these requires a large organisation. They require making the uncomfortable choice each time it comes up.