Independent Proprietary Capital · Est. 2025

Understanding markets beyond the obvious.

M’Squared Capital is an independent investment firm specializing in global macro investing, derivatives, and market structure research.

Our Philosophy View Research

The Firm

Markets reward disciplined thinking over consensus thinking. Every investment we make begins with a single question — where is the market wrong?

Rather than predicting markets through narratives, we study how liquidity, positioning, volatility, and macroeconomic forces interact to create persistent inefficiencies. Capital is allocated only when conviction, probability, and risk-reward align.

About the firm

YTD Return

45.0%

Net, year to date

Assets Under Management

$300,000

As of Q2 2026

Initial Capital

$205,000

At inception

Since Inception

2025

Wilmington, Delaware

Disciplines

Five disciplines, one framework. Each lens sharpens the others.

Global Macro

Opportunities created by interest rates, inflation, monetary policy, geopolitical events, currencies, commodities, and the movement of capital across borders.

Derivatives

Options market structure, dealer gamma, the volatility surface, skew, and positioning — read as a map of where the market is forced to act.

Market Structure

Liquidity, order flow, dealer hedging, market breadth, and positioning. The mechanics beneath price, studied continuously.

Fundamental Research

Long-term company analysis — business quality, competitive advantage, valuation — always placed within its macro context.

Risk Management

Capital preservation is the first priority. Every position carries a predefined downside before it carries a thesis.

The M’Squared Capital reception wall in evening light

Investment Philosophy

Price is often driven by positioning before fundamentals.

Dealer gamma, options flows, volatility, liquidity, macro cycles, institutional positioning — structural edges unavailable through traditional analysis alone.

The Framework

Investment Process

From macro regime to managed risk.

The full process

Macro Analysis

Economic cycles · Federal Reserve · Central banks

Market Structure

Dealer gamma · Options positioning · Open interest

Fundamental Research

Business quality · Competitive advantages · Valuation

Execution

Position sizing · Risk budgeting · Trade construction

Monitoring

Continuous evaluation · Risk control · Exit discipline

Research

Selected writing.

All research

Market Structure

The Gamma Regime: How Dealer Positioning Shapes Index Behavior

When dealers are long gamma, volatility is sold and ranges compress. When they are short, hedging flows amplify every move. Understanding which regime prevails is often more useful than any directional forecast.

June 2026 · 14 min

Macro

Liquidity Is the Only Macro

Growth and inflation matter, but the marginal price of every asset is set by the marginal dollar. A framework for reading net liquidity across the Treasury, the Fed, and the repo complex.

May 2026 · 11 min

Federal Reserve

The Fed’s Reaction Function After the Cutting Cycle

Markets price paths; the Fed prices pain. What the 2026 easing cycle reveals about the committee’s true tolerance for inflation — and where the curve is mispriced because of it.

May 2026 · 9 min

Begin a Conversation

Where is the market wrong?

If that question interests you as much as it does us, we should talk.

Contact the Firm