Formless as Water, A Strategy adopted to the Changing World

Our investment philosophy inspired by WATER, is reflected in our company's name.

Sun Tzu said in <<The Art of War>>, "Military tactics are like unto WATER; for WATER in its natural course runs away from high places and hastens downwards. So in war, the way is to avoid what is strong and to strike at what is weak. (...) WATER takes the shape of its environment; the soldier works out his victory in relation to the foe whom he is facing. Therefore, just as WATER retains no constant shape, so in warfare there are no constant conditions. One who can modify his tactics in relation to his opponent and thereby succeed in winning, may be called a great general."

As water, our flexible multi-strategy always adapts to different macro/market environments; since we believe that creating a change strategy raises the odds of success in portfolio management in changing financial markets.


Our strategy is a simplified Long/Short Strategy based on simple quantitative or fundamental factors. It's not an over-sophisticated black-box.


Windmill vs. Swiss Watch: If a windmill lost a part, it would continue to turn round, or we would know immediately where the problem is. If there was a problem with a part of the Swiss Watch, ...?

Our strategy is designed without routines, but with the maximum flexibility to perform and to protect. Rather than seeking perfect anticipation, we favour adapting ourselves to the market evolution.

Flexibility & Adaptability

When you see the simplicity of financial market, you have the freedom from mechanical conditioning; then there is flexibility.