The questions a careful person actually asks.

You do. The account is yours, opened in your name, with your broker.

Conviction does not take custody of anything. You keep your own broker account and your own demat holdings, exactly as you would if you invested alone. Money is never pooled — there is no common fund, no shared account, no balance sitting somewhere with other members' money in it.

To be precise rather than reassuring: when a trade you approved settles, cash does move out of your account to the exchange and shares move in, the same mechanics as any purchase you place yourself. What never happens is your money sitting in an account controlled by us.

No. There is no route by which we can move money out of your account.

The connection to your broker exists to do one thing: place an order you have already approved. It is not a payments mandate. Withdrawals to your bank account are initiated by you, from your broker, using your own credentials — that path never touches us.

If you ever see activity you did not approve, disconnect the broker link from your account and write to ca.who.codes@proton.me.

You leave. The holdings were always yours, and they stay in your account.

There is no lock-in of your shares, because there is nothing to unlock — nothing was ever transferred away from you. You disconnect the broker link, and new orders stop being proposed. What you own on that day, you continue to own, and you can sell it yourself whenever you choose.

Notice periods, fee treatment on exit, and anything else contractual are written into the agreement you sign before you start, so you read them before you commit rather than after.

Fees are set out in your agreement before anything begins.

You will see the complete fee position in writing, in the agreement, before you sign and before a single order is proposed. Nothing starts on a verbal figure, and nothing is charged that is not on that page.

Separately from anything we charge, you pay your own broker's costs directly to your broker — brokerage, exchange and regulatory charges, stamp duty, and GST on those. Those are set by your broker and the exchanges, not by us, and they apply to every trade anyone makes anywhere.

Rs.5,00,000. It is a maths constraint, not a sales gate.

Shares come in whole numbers. Below a certain size, the rounding to whole shares swamps the model you are trying to follow — you end up holding something that is not really the book at all.

The concrete version: at Rs.2,00,000, one share of the smallest position is about 0.7% of the account against a 1.36% target weight. That single line is off by roughly 50% before anything has even happened in the market. Multiply that across a concentrated book and you are no longer running the same portfolio.

We would rather turn away an allocation than take one we know will track badly.

One order at a time — the name, the side, the quantity, and the price limit.

An order is proposed to you with its details visible. You approve it or you do not. Only after your approval is it placed through your connected broker via API. There is no standing authority that lets an order go out because you approved a different one last week.

• You can decline any order, for any reason, without explaining yourself.
• Declining one order does not remove you from the book — the next proposal comes as normal.
• Every position in the book has a written thesis you can read before you approve anything in it.

Because it removes the option to edit the reasoning after the price moves.

Written-after-the-fact commentary always sounds smart. The reasoning gets quietly reshaped to fit whatever happened. Publishing the thesis first closes that door: the argument, the numbers behind it, and the conditions that would prove it wrong are all on the record before there is a position to defend.

It also means you can judge the process on its own terms — you are reading the case at the same moment it is being acted on, not a tidied-up version months later.

See the published record →

By invitation — a single-use code, valid for 30 days.

Access is invite-only. Your code works once and expires 30 days after it is issued. Before anything starts, a separate legal agreement is signed via DocuSign. Only after that is signed does a broker connection or an order proposal enter the picture.

There is no public sign-up queue and no waitlist theatre. If you do not have a code, write to ca.who.codes@proton.me.

Conviction Core is live. The other three are not open yet.

It gets written up as broken, and the position is exited — at a loss if that is where it sits.

A thesis breaks when the thing it rested on stops being true: the accounts turn, the promoter behaves in a way the case did not allow for, the economics of the business change, or a fact that was assumed turns out to be wrong. That is a different event from the price falling. Price falling on an intact thesis is not, by itself, a reason to sell.

When it does break, the exit is proposed to you like any other order, and the reason is written down against the original thesis so the record shows what was claimed and what actually happened. Being wrong in public is the cost of publishing first.

Because the book is deliberately under-deployed right now, and hiding that would be worse than explaining it.

Cash currently sits at 50.16% of the book against a 10% target. That is a real, large gap and it is shown as-is. Capital is deployed when a name clears the process, not to make an allocation chart look tidy. Cash is treated as a position, not as leftover.

The flip side is stated just as plainly: idle capital has a cost. Being under-deployed is not a virtue and it is not free — it simply reflects what has cleared the gates so far.

A concentrated set of Indian listed companies — 11 positions at present — held for months to years.

This is not a trading product. Positions are held until the thesis breaks, which means long stretches where nothing happens and nothing needs to. The accounts are read for trouble before anything else: forensic work comes first, and a name that fails there never reaches the point of being interesting.

If you are looking for daily activity, this will feel uncomfortably quiet. That is the design, not a gap in it.

There is a published record of reasoning. There is not yet a meaningful record of returns.

The book is young. The honest position is that its return history is far too short to tell you anything, and presenting it as a track record would be misleading — so it is not headlined anywhere on this site, and no figure from it is annualised or projected.

What you can inspect today is the process: the theses as written, dated before the trades, and how each one has held up since. That is the thing worth judging at this stage.

Read the record →

Encrypted, stored outside the main database, and never shared with anyone.

• Encrypted — the broker connection secrets are encrypted at rest, not held as readable text.
• Isolated — they live outside the main application database, so the store that holds your account record is not the store that holds your connection secrets.
• Never shared — they are not sold, not passed to third parties, and not used for anything other than placing orders you have approved.
• Revocable — you can ask for the broker link to be disconnected at any time, and the stored connection secrets are deleted when it is.

Use it to run your account, and nothing else.

What is collected is what is needed to give you access, to sign the agreement, and to propose and place orders you approve. Your holdings and your identity are not sold, not shared with advertisers, and not published — the public record covers the book's reasoning, never any member's account.

If you want to know exactly what is held about you, ask at ca.who.codes@proton.me and you will get a straight answer.

No.

Nothing on this site, and nothing in the published theses, is investment advice, a recommendation to buy or sell any security, or an offer of any kind. None of it is tailored to your circumstances — your income, your obligations, your tax position, your other holdings, or your timeline.

What is described here is a process, published openly. Every decision about your own money remains yours, which is exactly why you approve each order rather than delegating it. Where you need advice on your own situation, take it independently from someone qualified to give it.

No — and you should be wary of anyone who will.

No return is promised, projected, targeted, or implied anywhere on this site. There is no expected figure to quote, because there isn't one that would be honest. What can be described is the process, the discipline, and the risk — and those are all described here.

The outcome that must be planned for is loss. Small and micro cap equity can fall hard and stay down, and a thesis that reads well can still be wrong.

Bad enough that you should decide now whether you could sit through it.

Falls large enough to be genuinely hard to sit through are a normal part of small-cap cycles, not a disaster scenario — and they can last a while. Beyond that, an individual company can go to a permanent loss: the business fails, the accounts turn out to be worse than they looked, or the exit simply is not there when you need it.

The failure mode that hurts most is selling the whole thing near the bottom because the fall was worse than expected. If that is a realistic risk for you, the honest answer is that this is the wrong product — see below.