Introducing . . .

Running Alpha Trading Box™

Your Digital Destination for Trade-Ready Market Intelligence,

Where High-Performing Traders and Retail Investors, Wealth Advisors and Portfolio Managers, Disruptors, Financial Media, and Business Decision-Makers Go for:

Raising Anxiety-Adjusted Returns on Assets and

Staying in the Loop with Actionable Foresights on Critical Equity and Commodity Market, and Macro Trends,

So that You Don’t Miss out on High-Impact Super-Outlier Opportunities of High Consequence, Where the Stakes and Rewards are the Highest.

The Alpha Trading Box™ is the flagship premium subscription service of the parent Company, Running Alpha -- a boutique Canadian Innovation and Prediction Analytics Think-Tank, servicing the Global Financial Market Decision-Making and Risk Intelligence Industry.

If you’re still trading on consumer-grade market research for tracking market movements, you might be losing out on key insights to your competitors.

That’s Why You need Confidence in the Next Moves You'll be Taking;

The Alpha Trading Box™ is Your New Timepiece that is Designed for Keeping You On Time, and Getting You To Foresight Faster in 2023, so that you can see and be sure you have the market physics, macro-economic context, and cross-market sentiment biases on your side for:

taking bold action and profiting from tomorrow’s impending market narratives, headwinds, tailwinds, and competitive landscapes; with clearly laid out practical strategy primers, trade execution tips, and tactical guidance that is:

Locating windows of outlier opportunity in time and price; where different trading strategies will be working at their best on specific assets and time horizons, for:

avoiding market chop;

profiting from momentum crashes; and

reducing the anxiety and temptation of individuals and portfolio managers from not sticking with their strategy edge in times of "wicked" market uncertainty and inflationary fears.

Company Overview:

Serving as CEO and Founder of Running Alpha, Efrem Hoffman is a Global Top 50 Financial Technology and Quantum Computing Thought-Leader, levering business uncertainty and economic disruption for competitive advantage -- shrinking the gap between Individual Investor Returns and reported fund manager performance.

Inspired by the way nature encodes information on a quantum scale, he is guiding Running Alpha in changing the way investors can “see the rip tide and undercurrents unfolding in the market waters which they swim; unveiling the back stories virtually nobody is paying attention to."

Backstory:

On a mission for saving human life and mitigating property damage, Efrem's started out as a Tornado StormTech Chaser, inventing a new class of Self-Teaching 3D Tornado Vision Algorithms before Deep Learning and Large Language Attention Models became a buzzword;

ranked among the top 250 weather radar inventions by Braindex, and receiving special recognition from the Chief Scientist of the Prairie Storm Prediction Center for:

making significant contributions to the science of Tornado Now-Casting and Autonomous Recognition of Severe Summer Storms.

With over 300 citations from Fortune 500 Companies and Academic, Industrial Think Tanks and Government agencies from around the world,

Efrem applied this technology, alongside a new innovation, exploiting properties of Quantum Circuit Complexity and the way nature encodes and self-orders information on a quantum-scale, for:

tracking the movement of people, capital, and ideas in highly complex non-linear financial and economic systems,

that are expressing their behavior at states that are far away from the ordinary base-line.

This research opened new ground in formulating a non-classical scientific approach to Financial Storm Hunting, which I call Momentum Perception Mapping ( MPM ).

MPMs are inherently designed for seeing history before it happens,

and assisting investors of all sizes and skill levels at Capitalizing on positive and Negative Outlier Mega-Trends and Super-Anomalies in both Macro-Markets, and

the Individual Companies of Publicly traded markets that they affect.

This would not have been made possible without the mentorship of giants in the field of AI, Quantum Physics, and Trading Psychology, namely:

Efrem's undergraduate computer engineering thesis advisor, an early pioneer of Field Programmable Gare Array ( FPGA ) computer hardware logic circuits,

and a prolific innovator of AI prediction Networks and Autonomous Digital Satellite Control Systems,

who supervised a Ph.D. level thesis project, which I actively worked on with a consortium of research scientists and industry professionals -- participating from Canada and abroad;

World Class Trading Psychology Coaches that Transformed the Science of Human Fractals for Managing investor Anxiety;

a revered Chicago Floor Trading partner of the late Nobel Laureate and founding father of Capital Asset Pricing -- one of the first successful option market making model applications in a real-word setting; and

a Windows World Open - Smithsonian nominated Quantum and Atmospheric Physicist, who studies under Albert Einstein's and Werner Heisenberg's prodigies.

With these experiences, Efrem brings a unique perspective to managing human and investment capital,

one that provides a new level of transparency to the individual investor --

offering a play by play on how to augment human intelligence with science for:

Efficiently "Battling for Investment Survival in our times of wicked uncertainty.

Efrem's mission is to transform the Individual Investor's biggest fear--

Knowing that something is coming for them, but not knowing when --

into actionable opportunities that produce Anxiety-Adjusted Returns, with less monetary and emotional capital exposure.

To give a glimpse into how the technology innovation is now being applied,

here are a few innovation use cases in the business and investing space we are bringing to market for solving some of the most unmet needs in the FinTech space.

Our solution delivers a new level of transparency that goes beyond revealing higher granularity of performance outcomes and core investment positions held;

offering a novel way for better engaging retail and institutional investors, at:

building confidence in when an investment product and strategic process is actually generating True Alpha -- excess real returns relative to both a historical benchmark and real-time expectations of the marketplace -- for the right reasons instead of dumb luck.

This gives Running Alpha an unfair advantage at raising anxiety adjusted returns and shrinking the gap between individual investor outcomes and reported fund manager performance;

significantly accelerating the customer onboarding process,

while dramatically enhancing client-manager retention rates, and making the overall experience more enjoyable.

Most importantly, we are placing investors into an advantageous starting position,

by accurately and precisely selecting assets that already have an action-reaction feedback chain in place,

that is exponentially amplifying investor attention levels and capital in-flows,

while at the same time mitigating the impact of negative macro events and external threats.

Our target audience is not only active and passive ETFs and open and closed-ended indexed product managers, looking for:

an extra layer of transparency, performance enhancement, and reduced maintenance fees with higher operating margins from:

better timed position exposure weightings,

lower portfolio turnover, and

fewer human capital and machine resource requirements,

but also:

do-it-yourself investors who want to outperform managed funds at a fraction of the monetary and emotional cost;

thereby reducing the net human capital and time commitment;

and

Tech disruptors, Activist Investors, Fortune 500, and Russell 3000 public traded companies,

looking for a giant edge at saving billions on improperly timed IPOs, corporate actions and earnings and releases, secondary offerings, acquisitions, buyback programs and M&A activity.

Why We Exist:

Running Alpha was founded by Efrem Hoffman in 2012, for:

(1) mutually elevating the experience between Retail and Institutional Investors, for generating superior Anxiety-Adjusted Returns™; and

(2) amplifying the mathematical edge of high-performing traders.

With respect to the latter, Running Alpha is providing actionable intelligence for capturing live real-money and high-conviction trading and investing opportunities, flying below the radar, at the most change-making moments, Inside the "World's Thinnest Uncertainty Windows,"

where we can be most confident of directional market action -- producing the longest and most sustainable runways to growth and earnings price expansion, from our entry prices.

Running Alpha is not simply focusing on Finding Alpha based on the prevailing market structure in lit ( on-exchange ) public markets, but is

opening new ground in revealing market imbalances and predicting super-anomalies and otherwise invisible outlier opportunities,

that arise when Dark-Liquidity Pools ( off-exchange unlisted venues ) interact with lit markets.

Seeing the future is one thing; being able to do something about it is quite another.

Dynamically Generating and Effecting Change to make past decisions come alive again,

through actively bringing the sum-non-linear observer interactions into the investment analytics equation is the Running Alpha Way!

Leading research and development, Efrem is focused on:

Rethinking the way we can collaborate with the underlying physics of nature for "Seizing opportunities from a place of curiosity instead of predicting elusive one-sided outcomes from a position of what is familiar," yet no longer relevant; and

Sharing Actionable Time-Relevant Investment and Capital Allocation Decisions on the Movement of People, Capital, and Ideas, with its Running Alpha Trading Box™ Subscribers.

Efrem has introduced a new financial curve beyond traditional alpha and beta; he calls it Activist Alpha.

Activist Alpha leverages principles of fractional calculus, quantum computing phenomena, and self-organizing complex systems for extracting and unlocking new insights about market asymmetries;

specifically how knowledge of the micro-structure of human and machine perception biases can be used for profiting from:

(i) sharp changes in the market landscape, that could trip up quant systems on the wrong side of the trade;

(ii) the ways the smartest and dumbest money investor interactions will be magnifying emotional biases during emergency situations;

(iii) time-relevant smart-cuts for allocating capital resources ( Human, Monetary, IP ) for Trading, Investing, M&A, Buybacks, IPOs, Debt, and the release of critical corporate information;

in favor of high-impact performance outcomes that work for you and all your stakeholders involved in the allocation process.

Cutting Through the Fog of Uncertainty Surrounding How the Market Will be Interpreting News Events,

these insights are powered by The World’s First Sentiment and Perception-Aware Investment Insights that are Inspired by the Way Nature Encodes Information on a Quantum Scale.

Never be Kept in the Dark Again About When Bad News will be "Climbing a Wall of Worry” and When Good News will be “Descending a Slope of Hope.”

With respect to understanding Efrem's pursuit at making interactions between investors and managers more transparent and anxiety-minimizing, one must appreciate that:

There is Less Wealth and Strategy Innovation Spread Out Evenly Across the World Today than there was Before Modern Communications and Financial Technology Opened Access to Global Trade and Free Market Enterprise.

That’s why we’re changing the way investors can:

start elevating their anxiety-adjusted returns™ (aka, Comfort-Adjusted Returns™); and begin shrinking the gap between reported market performance, and actual individual investor returns, which are far too often overstated, almost invariably, because:

they suffer from benchmark tracking error, inadequate liquidity relative to alternatives, and

most importantly they do not account for situations in times of uncertainty, either when you are in a profit staring down at an impending market chasm, or

when investors are treated like children by their advisors; and told to passively hold onto their negative performers for an indefinite period, even while losses keep piling up, without any signs of a bullish catalyst in sight.

Instead, we choose to wake up your capacity to engage as an independent investor with the market, and see change before you are faced with the really difficult and uncomfortable decision of abandoning your strategy at often just the wrong moments,

particularly in times when the market’s devious nature seems to know when your tolerance for stress gets tested, or your shorter-term needs start getting in the way of seeing the forest from the trees -- and following through, often at the final moments of capitulation, just before the prevailing trend reignites.

That is why Running Alpha is firmly of the conviction that generating and sustaining alpha is as much about your emotional health as it is about financial wellness.

Our Mission:

To meet this challenge, Running Alpha is on a mission to put you on a path where you can start thriving from uncertainty, and seeing the rip tide and undercurrents unfolding in the market waters which we swim; unveiling the back stories virtually nobody is paying attention to.

And by doing so, we’re transforming the way:

investors, can start generating high levels of anxiety-adjusted returns, instead of being prematurely derailed by emotional biases and incomplete or distorted perceptions of the world around us, that trap us into a mindset of: being spooked by wild market swings; and fearing the unknowns of the changing world order –

which has been exponentially dividing communities and stripping decision-makers, investors and business owners, like you and I of our freedoms;

instead of uniting us for creating opportunities that address our immediate basic needs and ongoing structural economic challenges –

from energy, water, and food security, to inflation protection and above all, our personal and business choices.

Elevating Your Performance with better foresight, and fewer human and computing resources, while augmenting your capacity for Investing with Ice in your Veins, is Efrem's mission.

Our Solution: Your Benefits

Leaping beyond the limitations of behavioral finance, Efrem founded Running Alpha for developing alternative performance measures, that add a new level of transparency into the Alpha drivers,

so that investors can be continuously engaged in building trust in strategy performance outcomes.

By ranking featured assets based on how antifragile their responses will be to the news cycle,

traders and investors can now seamlessly choose assets that will keep them from hitting the panic button ( hard-wired to our lizard brain) and abandoning a strategy at just the wrong moments.

We do this by homing in on those assets, where news sentiment will have the highest potential for triggering the onset of action-reaction feedback chains, specifically those amplifying or attenuating the market impact to incoming positive and negative news sentiment.

Even though the institutions, market technology, use of leverage, degree of financialization, and composition of market actors -- and where they hide out, continues to evolve,

there is one element that has never changed, namely:

the thinking frameworks that are constrained to binary logic,

which fail to organically address uncertainty as the landscape – the fabric of market existence; instead they inappropriately treat it as the ambient noise and negative space.

We discovered a new market factor, we call Mind-Share, to indicate the number of unique active feedback chains among different groups of entangled market players, that are contributing to pathways of contagion -- either enhancing or slowing down the current trend.

Efrem’s deep analysis of these pathways, has given Running Alpha a new perspective on the benefits of uncertainty, and how re-interpreting regularity as a diseased state; and long-tailed volatility and variance of volatility as the background radiation that serves as the power source of tomorrow's panics and manias.

By monitoring how favorably assets with the highest range of mind-share values respond to the news cycle, relative to lower ranked anti-fragile alternatives,

investors can stay engaged between monthly and quarterly reporting intervals,

with many statistically significant data points, that will enable investors to establish confidence in the alpha input drivers,

instead of simply gaining a false sense of trust in a few data point outputs, that superficially express the outcome of a strategic choice --

without regard to informing the investor of whether it was dumb luck ( for real-life out of sample data ) or cherry-picking ( for in-sample back-tests ) that put them in the right starting place or market regime.

Our ability to successfully track and rank Market MindShare of any asset relative to any benchmark or individual asset of choice is what separates Running Alpha from our industry peers;

That means going beyond observing value based on simply calculating return on investment, but also factoring into the equation how well our market intelligence strategy can avoid investing in areas that do not offer you transparency into why we generated the out-performance.

For those of you that are fans of digital privacy and protection of intellectual and monetary property rights, we do this in a way that has never been done before – utilizing a zero-knowledge performance claim, where we can show you that we have a valuable secret sauce ( a transparent alpha edge ), without giving away the recipe.

Without such a claim, there is no way of knowing whether a service is giving you only transparency into how B-class signals, holding out on A-class signals for themselves; or giving you a what they believe is an A-class strategy, but with no way for you of verifying that it is working in the next cycle, for reasons outside of dumb luck.

What gives Running Alpha the unfair advantage of generating a zero-knowledge claim on the forward strategy alpha is that our performance edge is not strictly anchored to a risk and inflation-adjusted outcome, but to whether our rankings of best-in-class asset selections in a given industry vertical ( with investable liquidity ),

are actually outperforming lower-ranked assets in terms of their capacity to benefit from shocks instead of being vulnerable; as can be determined by subscribers by monitoring how favorably our featured assets responses to changes in news cycle sentiment, relative to alternatives in a respective market vertical.

Although some strategies may make such a claim, there are virtually no low-touch Sentiment-Aware frameworks or platforms in existence today that are anti-fragile to news sentiment, while also providing the independent investor with numerous dynamic data points, tied to sentiment and the news cycle, between strategy reporting periods, for offering transparency and insight into the validity of the stated performance generators.

For those of you who are not familiar with how valuable a zero-knowledge claim can be, you must first appreciate that there are special situations in business and life, where one needs to show they have a secret; a sort of special knowledge claim, even when they can’t share exactly what it is.

The concept can most easily be demonstrated by playing an imaginary game against a single player who is blindfolded.

The purpose of the game is to construct a strategy that demonstrates to the blindfolded person, holding two different color balls –

which he shows you at the start of each round, before he decides whether to switch

them --

that without a shadow of doubt, through your observation of the balls, you can convince the blindfolded person that you possess knowledge of whether the balls were indeed switched.

Similarly, Running Alpha can demonstrate the performance edge of its market intelligence foresights as a clear-box strategy;

scaling up without giving away the secret sauce, while still showing the world that we have a consistent alpha-generating edge, one that is delivering supernormal returns for the specific reasons that goes beyond simply:

utilizing a black box for basing success on the P&L curve; and

being constrained by statistical chance, that such a strategy is only working because it is operating in a market friendly regime.

What makes the Running Alpha Trading Box™ so special, is that not only is it consistently identifying counter-consensus investment opportunities, at those times high liquidity is offered, when almost everyone else is doing the opposite, but it’s doing so while protecting our zero-knowledge trade secrets, and this has profound benefits for our premium subscribers and institutional clients, who are looking to sustain a long-term alpha advantage;

It enables Running Alpha Trading Box™ subscribers to raise their anxiety-adjusted returns, without shouting at them to explicitly modify their investor behavior on command.

Why You, Should Listen to Our Founder, Efrem Hoffman?

Serving as Global Macro-Strategists at Running Alpha Trading Box™,

Efrem is a Tornado-Chasing Storm-Tech Innovator and 2023 Global Top 50 Thought-Leader in Financial Technology, Quantum Computing, and Cryptocurrency, by Thinkers360;

Ranked Global Top 100 Fintech Influencer in 2022 by Growth Gorilla --

a UK based world leader in comprehensive rankings and go-to-market strategy for global FinTech enterprises; and

Short-listed by Efi Pylarinou, the Visionary of Daily Fintech,

a seasoned Ph.D. Wall Street financial professional and independent Blockchain advisor,

who ranks as No.3 influencer in the finance sector and No.1 woman influencer, by Refinitiv Global Social-Media 2019; where Running Alpha was featured in Daily Fintech publication among the Top 10 Emerging Financial Technology Platform Leaders and Sentiment Fin-Techs in the U.S.,

focusing on "the AI business of “sniffing out” [signals] in digital wealth management, and changing the value proposition of financial analysts and asset managers."

Efrem has been privileged to:

establishing many ongoing relationships with world-class real-money investors, innovation thought-leaders, practitioners and academics;

who made life-changing contributions to both science and society –

people at the intersection of curiosity and genius, that he thought were interesting and incredible citizens, who were pioneers in their respective disciplines:

asset pricing, economics, game theory, floor trading, artificial intelligence, swarm intelligence, quantum mechanics, predictive and prescriptive analytics, data science, field-programmable logic, fractional calculus;

zero-knowledge proofs, multi-dimensional Visual Decision Support Systems (VDSS) and digital information murals, real-life tornado simulations, atmospheric and climate physics, and space weather forecasting.

Some of Efrem’s closest mentors, who were also changemakers in their fields;

ranging from atmospheric physics and quantum mechanics to financial machine intelligence and autonomous communication networks, include:

a former Chicago trading floor professional – who was one of the most skilled and revered traders; aggressively managing huge positions at the center of the bond, CBOE and CME's S&P 500 Equity Futures pits, whose trading partner was the late Nobel Laureate, Fischer Black -- one of the founding fathers of both modern Option Pricing Models and tests of the Capital Asset Pricing Models – CAPM, which democratized their influence on efficiently pricing equities and options markets;

a world-class coach on trading psychology, who influenced the practical application of chaos theory and fractals world-wide for global commodity, currency, equity, and option market forecasting,

where Efrem was invited to present to a group of International professional traders on real-world financial information murals for intuitive visual expression of many interacting variables,

that are describing what’s happening behaviorally in the trading markets, in terms of how market participants feel about price and general market action;

a Smithsonian-nominated quantum physicist and atmospheric research scientist/certified meteorologist and pilot, who did his doctoral research in collaboration with both Albert Einstein's and Heisenberg's protégés students, which were instrumental in opening new ground in quantum uncertainty and relativistic motion of complex interacting bodies; and

a Canadian extreme value investor, who popularized the applications of relativity theory and dimensionless atomic energy constants, for advancing best practices in the science of risk management and the accounting dynamics of balance sheet health, for predicting the risk of permanent ruin, arising from corporations and sovereign nations teetering at the edge of technical insolvency.

Efrem’s thought-leadership insights have been numerously quoted in the international press:

CFA Magazine, NASDAQ news, Huffington Post, Vanity Fair / Hive Magazine, Hamburg News, Bloomberg View, Thompson Reuters / WSJ, CNBC breaking news article by Eamon Javers, CNBC Anchor and Senior White House Correspondent, relating to Presidential Market Factor.

With over 350 worldwide citations to Efrem’s work, research frameworks, and patents ( covering 27 systems and process claims -- U.S. Patent #s: 6,035,057; 6,278,799 )

from some of the biggest world-class financial and academic institutions, national research labs, tech power houses, and fortune 500 companies,

including, but not limited to:

Avionics and Military Instrumentation (Rockwell Collins, Lockheed Martin Corporation), Atmospheric Weather Agencies, Enterprise Software & Hardware Management firms, including IBM, Microsoft, & Sony; Mobile Communications Operators -- Nokia, as well as Government and Private Think-Tanks, including MIT, the U.S. Department of Energy alliance partner -- Pacific North-West Labs Battelle Institute, and the U.S. Navy. ( Full list can be found in the links above ).

Efrem is continuously expanding the frontier for building and maintaining Running Alpha’s investment strategy infrastructure and expanding the use cases of alternative data pipelines; and

actively collaborating and partnering with a global network of thought-leadership thinktanks and industry-leading research scientists, economists, quants, professional on-and-off-the-floor traders, institutional investors, and FinTech industry veterans, many of whom are Data Science powerhouses.

Most importantly, in Efrem’s years of watching investors behave and interacting with clients, Efrem can relate to the Biggest Nightmare getting in their way of achieving successful outcomes and performance targets, namely: the Uncertainty of Knowing Something is Out There and Not Knowing When It’s Coming for You.

That's why it’s no coincidence that most investors abandon a good trading plan right before a meteoric rise in prices; and nor is it a surprise when they patiently wait for years after a prolonged risk event, only to find that their dollar-cost averaging, value-investing, short-squeeze or market fading strategies are failing to match up with their tolerance for cumulative losses – be it death by a thousand cuts or an sudden unanticipated plunge or rise in prices.

This scenario causes many investors to lose trust in the asset and/or strategy, so much so, that when the economic and trading stars finally begin aligning, all who are left are short sellers ending up in ruin. This is typically followed by a rinse and repeat cycle, as investors move on to the next asset, many the same, only to discover a similar fate.

With up to 95% of assets losing ground in an equity bear market, and under 70% of equities rising in a bull market; and given that it takes twice the gain to recover from a loss, it’s critical for investors to have the foresight of knowing what market regime they are currently in and transiting toward;

Get that wrong, and your odds of success drop dramatically, given the remarkable tendency for markets to display wild disproportionate swings in bearish and bullish activity in not only prices, but also in the magnitude and shape of their local volatility distributions, across broad-scale observation and holding intervals.

Many people insist it is luck if one can place themselves into an investing interval, where all these factors are lined up. After all, a broken analog clock is right twice a day, but it’s much harder to argue with a trading protocol that’s repeatedly giving you data points between performance reporting intervals; and

empowering you to verify that the strategy is generating the systematic performance advantage ( alpha ) for reasons stated by the developer, as opposed to dumb luck of finding yourself in a market regime that does not differentiate smart money from the uninformed, only to find out in the next battle rounds, that only the true alpha-players survive.

With an unwavering dedication for redefining true alpha players in this light, Running Alpha is leading development in:

Opening new ground in understanding and predicting the behavior of complex systems with many interacting parts -- a field of science known as many-body physics.

Likened to the moments when phase transitions are triggered in physical systems, so too there exists special moments, when the spontaneous motion of financial market actor biases become manifested in future price via action-reaction feedback chains.

Inspired by the way nature encodes information on a quantum scale, Efrem coined the term Bottom-Down Investing™, to address this new class of market intelligence surrounding the crowd-physics of market-player interactions.

Efrem is passionate about:

Imaging the Future that we are in the process of creating, by studying how people and machines are imagining possible scenarios on the horizon;

Embracing the unknown as a best friend; explaining away why records are made to be broken and diverge from the dustbins of history, especially as they apply to profiting from and averting the risks associated with the episodic fits of panic, mania, greed and fear in world financial markets; and

Rethinking the way we can collaborate with the underlying physics of nature for Turning Financial Tornadoes into Profitable Inflation-Protected Opportunities, that are Thriving on Uncertainty.

Momentum-based strategies for capturing the forward sentiment bias across asset classes, are especially useful in high inflation environments, like we are experiencing today.

The underlying logic is that momentum in consumer prices leads to persistent reactions in both central bank and private investment decision-making, which in turn drives asset price action.

Running Alpha closely monitors those unusual times, after prolonged market corrections and risk events, when hedging activity of market dealers in broad-based equity and option markets, taking the other side of hedged long positions in public market option exchanges, are creating an increasingly negative gamma market dealer position in an extended trend, ripe for an extreme reversal,

while at the same time there is a divergence between short positions of ( market dealers and speculators ) in listed markets and smart-money buying activity by dark pool liquidity dealers in unlisted market venues, working on behalf of big institutions,

who are concealing their buying intentions from the public markets for averting large-scale market movements, that would otherwise adversely impact their execution price before they can build a substantial position on listed exchanges.

These insights enable Running Alpha Trading Box™ subscribers to profit from dual short covering rallies, both by speculative shorts and hedged dealers, as well as follow-through buying from momentum crashes and extreme reversion asset rotations,

when trends get overly stretched; and the relative performance of the stronger and weaker market links start flipping direction, momentum strategies that were working before the transition begin failing.

Efrem also monitors for special situations, when:

Dark Pool liquidity markets are interacting with the Lit public exchanges in very unusual ways, particularly when:

the Smart Real-Money Institutional Buyers, that have been holding the market up for an extended interval start pulling off a disappearing act at historic speed and magnitude; and

would not be such a problem if it were not for those times when broad equity markets are also near local high ground, on a day where both the positive gamma positioning and underlying price action of the broad based equity indices are moving higher.

This sharp divergence in cross market action of investors and market dealers on dark and lit markets, is what creates a precarious market condition, which we alert our subscriber before fragile markets give way to market turbulence and panic.

Every second of our lives we must cope with an unknowable future – of what comes next, particularly in markets that have stay crowded and overextended longer than most investors can remain solvent.

That’s why it’s so important that we study how to manage this seemingly impossible challenge; and that’s exactly why Efrem spent the last two decades living and breathing financial markets in search of finding alpha, where no light has yet been shined upon from classical machine learning logic.

So, Efrem went on a journey -- learning how to harness market player reactions to uncertain outcomes from the perspectives of: quantum systems logic; and their operational properties at the edge of chaos and outlier instability.

While watching these systems closeup in high-definition detail, with all their nuances and eccentricities unfolding in the market action,

Efrem became fascinated with some of the more exotic financial market phases, that were neither ordered in an obvious pattern, nor random.

Some of them appear to be correlated, but if you look at two assets and ask, “Are they correlated or connected?”-- You often won't see them or notice the difference.

They are much more subtle to a classically trained eye; you can't simply look at two or three or even 100 perspectives independently to get an idea of where a portfolio is going to transit.

Because each asset and underlying market player observation and decision, can exert a different field effect on every other related asset and market player perception bias, powering forward sentiment trends,

you must look at the whole system of entanglements all at once; and that is not tractable on current day computers using only conventional algorithms and lit market sources.

That's why Efrem has the highest conviction that The Best Alpha Ideas are Found in the Dark -- at the intersections of where Dark and Lit Markets meet Crowd Physics, at the largest to the smallest scales.

Efrem solved for this by building an analytics protocol, derived from information on Running Alpha’s Momentum Perception Maps™ ( more on that later ), that are inspired by the super exponential properties of quantum information processing.

So, that’s why Efrem turned to nature to solve for this and get his inspiration, particularly, given the clever smart-cuts nature uses for massively parallelizing computations, spontaneously, at quantum scale.

This enabled our strategy framework to be organically designed for more realistically harnessing the complexity of market-player network entanglements ( knowledge of the network links between market player nodes that we decipher inhouse ),

for compressing large volumes of sparse input sources into small data networks, where interaction effects among capital-flow biases of diverse investor groups can be simulated, from the smallest to the largest scales, under various market shocks and changes in perception biases; thereby,

quickly informing investors on what opportunities should be efficiently prioritized into action,

for deploying capital into less crowded alternatives that have higher potential for yielding favorable market reactions to changes in investor sentiment and industry trends –

well before they are reflected in price action.

Skating to where the money puck will be going before others see it getting there is our sandbox.

Instead of simply using historical knowledge about the frequency of market shocks and trends of different sizes -- in price magnitude, price persistence, and price duration, -- our Bottom-Down Intelligence™ approach is offering insights into the sub-market structures that are giving rise to these super-normal events.

With these innovations, Running Alpha is flipping the script of conventional AI machine learning practices, and waking up our capacity for recognizing the whole in the non-linear interaction of the system parts and sensing the underlying genesis of trend formation from the network effects before they make themselves visible on a chart.

We’re Harnessing Quantum Compression for Making Problems Smaller.

Anyone familiar with classical computing has heard of compression - a simple procedure that allows a string of information to quantized for taking up less space in a computer’s memory.

Using Bottom-Down Analytics™, we have had success mobilizing this procedure and compressing our otherwise intractable and daunting quantum problem, from hundreds of thousands of asset price equations, down to an invariant relationship among a set of variables you can count on your fingers, and which we can see on our inhouse proprietary maps — all without sacrificing accuracy or precision.

Our work is revolutionizing how investors scrutinize financial market systems, containing many interacting particles – assets, market-player decisions and perception biases.

We start with this giant object of all these coupled-together market players/observers; and then we're using Bottom-Down Intelligence™ for turning this market object into something that can be quickly quantized and systematically visualized on our proprietary market maps.

We are essentially distilling this otherwise incomprehensible source into a wealth of actionable information that will allow the average investor to become a contrarian, without the learning curve, and start buying from pessimists and selling to optimists.

The research framework can also be used for building investment portfolios that can generate financial returns and diversification benefits, superior to very large institutional portfolios of thousands of assets, with significantly fewer groups of assets.

Enhancing financial indices using a limited subset of assets, has historically been an extremely challenging task;

Solving for this, financial institutions and index funds could use our portfolio compression services for managing ETF funds with greater speed, accuracy, and efficiency; and

finding portfolios with the highest rate of return for a given risk profile or life-style in a significantly shorter time line, all while producing lower overhead costs to financial managers results than industry-standard solvers.

Our compression solution has the potential for consistently outperforming a target index’s risk profile by a very wide more margin – more than two-fold in many cases, while using up to 20+ times fewer stocks than the S&P 500.

Efrem invites you to follow the Hoffman Storm Chaser Newsletter for general updates on live webinars, on topics related to how you can start accessing dark and lit market intelligence designed for capturing super-anomalies,

using a new logical mindset based on augmenting human and machine intelligence with foresights that are aligned with nature’s quantum operating system.

Your premium subscription to Running Alpha Trading Box™ gives you valuable information about impending shifts in ultra-slow and hyper-changing states of complex non-linear financial market trends; and

the hidden and anomalous transitions in the inter-market financial wiring and market structures, that are inherently driving uncertainty, and at the same time being influenced by the global grid of fear and greed.

These actionable foresights are helping Running Alpha Trading Box™ Subscribers gain from disruption and complex system disorder, instead of running away from it; thereby elevating their anxiety-adjusted returns.

If you are ready to come alive, and live your authentic expression, for seeking the truth in today’s financial markets;

following its path of least resistance and “positioning your wants in terms of what the market is trying to tell you; and

developing sufficient internal strength to withstand the external pressures of buying into the negative space around you,

instead of constantly interfering with the market’s message; and aligning yourself with those pushing the can down the road,

as virtually every central banker and national government has been doing in a race to print money, since the Great Financial Crisis erupted, then

the Running Alpha Trading Box™ is for You.

That’s because,

Running Alpha is the only buy-side capital markets intelligence firm in the world helping investors exploit the biggest bubble on Wall Street, Bay Street, and Main Street, and its not what you think;

it's not isolated to a single asset, marketplace, trading tactic, or market player;

We are talking about the classical compute or logic bubble, upon which virtually everything and all our decisions in the marketplace and every aspect of life are artificially based.

What sets Running Alpha apart and makes us one of the only truly independent and contrarian voices for all demographics and geographic borders, regardless of your investment experience,

is our ability for levering both our founder's:

heritage in patented AI-powered tornado-chasing technology –

for precision-sensing and strategically telegraphing tail-risk scenarios across a universal range of mission-critical market verticals; and

100,000 real-life hours of trading market analytics experience in applying novel quantum compute-inspired logic for,

Creating a unified weather map of the marketplace, for each asset, that is:

putting price, volatility, sentiment, and momentum boundaries around future events;

and

giving early warning alert of emergent super-normal outlier trends and sudden market regime shifts –

that have either never been experienced before or have no known past analogue; thereby:

offering foresight of precisely when complex non-linear feedback among market variables, across broad-scale time-lines, on three axes of change -- from trade positioning to sentiment bias and momentum –

will come together at just the right moments and valuation levels on both listed public exchanges and unlisted dark liquidity private venues,

to inform us when smart money flows and asset-correlation breakdowns will start:

unleashing gamma squeezes, short-covering rallies, and value traps;

sparking risk flares and opportunity windows, ranging from global-macro volatility storm eruptions to sunny market skies following prolonged system-wide shocks.

Most importantly, our investment edge is both scalable and sustainable in all marketplace settings,

as we are exclusively focused on providing insights that assist investors in taking the other side of high-conviction trade positioning histories, particularly those that are governed by classical logic,

which, as you will learn, are not well suited for seeing how the market dominoes will be falling and percolating among billions of interacting and entangled market agents –

human and machine algos, flexing their decision-making muscles, across different asset categories, term structures, trading venues, and time-lines.

If you have ever seen a domino toppling competition, where the dominoes are stacked in such a way as to maximize their toppling effect, It’s very impressive.

Each time delay and sequence have to be precisely mapped out.

Knowing ahead of time which direction the financial dominoes across a broad range of market sectors are going to be toppling is precisely what our game-changing technology Momentum Perception Map™ can define.

Instead of exploiting knowledge of the spatial separation of physical domino trails, what allows this kind of analysis in the stock market is the inherent time delays of momentum perceptions of broad-scale market participants, and

the corresponding time-lapse for building up positions that scale with the size of the market player’s assets under management (AuM).

Virtually all of today’s most advanced quantitative market factor models or machine learning analytic engines will not see it coming, with even a modest level of conviction on public market exchanges ( more on this later ).

To see what others cannot, Efrem’s research zeroes in on predicting what humans and machines -- that are created by them -- would do in emergency situations, when they have never been confronted by similar observables.

This puts 99.99% of today’s investment strategies and market players, who are not particularly well suited for predicting unusual events of high-impact in a precarious situation.

Identifying situations when not only prices will be erupting into volatile and fast markets, but also knowing when the quality and sources of risk, underlying price action, are changing as the trade unfolds is what’s needed in today’s risk environment, where trust in institutions and government are breaking down at global scale.

This is critically important, because if the sources of the risk are not matched with the alpha opportunity generator, the rationale and thesis behind taking on the trade or investment will start falling apart.

Building on this philosophy, by continuously monitoring for emergent market shocks, in all directions,

we are not only stacking the odds for investors to smartly respond to uncertain outcomes in the global economy, but are improving their current situation in the face of adversity.

Solving the challenge of meeting this need, Efrem has created a digital market map that is learning from the future – continuously monitoring emergent shocks in all directions; calibrating forward, instead of looking back, for:

turning our traditional view of the world from observing changing outputs -- sourced from the inside out, into:

Actively Monitoring Inputs from the Outside In –

From the Edge of Change, at the Weakest Links, so that We Can:

Alert You Before your Core Assets Start Turning Rotten or Accruing Value from Emerging Economic Conditions.

It’s like a weather map for financial markets;

and lows of buying and selling pressures;

influenced by the shape and strength of the jet-stream of human and machine perception biases;

specifically, those interacting in just the right combination with the financial market’s orderbook, and at just the right moments, for producing volatility storm eruptions or bright sunny market skies.

Efrem calls this technology, Momentum Perception Maps (MPMs), and he utilizes this innovation for identifying below-the-radar market states -- otherwise appearing as noise,

which are now translated into actionable time-relevant decision-making alerts, delivered to our premium subscribers,

for buying and selling assets at favorable prices and valuations relative to the next best alternatives.

His investment philosophy is rooted in augmenting two ideas, namely:

the biggest money is closest to the information spigot;

so, having insight into dark pool liquidity, where some of the biggest smart institutional capital is hiding out first, is critically important for knowing how soon and how likely bullish or bearish events are going to be impacting our coverage universe; and

Knowing how both dark and lit markets interact and are structured for absorbing these capital flows, gives you context into:

how fast; how large; and how persistent, the market’s response can be.

Simply focusing on event outcomes are only half the equation;

knowing how market participants are biased to react to them, and

echo their responses through their web of complex connections,

too often underscores the difference between success and failure.

That's because "The global economy is akin to a rain forest with countless species interacting with and dependent on each another."

"Remove one and you begin a chain reaction with unintended or knowable consequences. Small economic influences converge into larger global trends that links the entire global structure into one dependent chain network."

That’s why we need to see the flow of capital interactions across all players for analysis of the whole complex global system.

This is the essence of Bottom-Down Analytics™ -- powering Running Alpha's proprietary market maps.

Pre-installed with Quantum computing properties, the bedrock of our maps is founded on a new financial calculus developed by our founder, called: Relational Perception Calculus™ ( RPC ), which also integrates key concepts and principles from the re-emerging field of Fractional Calculus.

Inspired by the Austrian economic science of human action and mathematical physics principles of logical congruence and the path of least action, our north star

Intersects the coordinates of our founder's belief system, namely that:

The observing investor audience -- be it fundamental or behaviorally-driven trading participants -- those actors perceiving market structures of the past,

do not only have different sets of viewing perspectives than the decision-makers who created them, but a broader spectrum of vantage points to choose from, for:

partitioning and splicing the past; and calibrating their lines of sight for tracking and foretelling changing events around them.

Therefore, in the spirit of Albert Einstein, we cannot simultaneously comprehend and learn from history by trying to view the world through the same set of lenses as our ancestors.

So, Instead of analyzing markets as modular parts that are glued together into larger systems, we reveal how subsystems arise from the complex system whole, based on the kinds of entangled measurements that one can make across all subsystems.

The secret sauce of our market foresights is founded on acknowledging that the way we partition a complex system of many interacting participants and variables is also relative;

It depends on who is looking at it.

At Running Alpha, by levering new perspectives across different assets we're

not only stacking the odds for investors to smartly respond to, and profit from, uncertain outcomes in the global economy;

we're adding context, meaning and sensibility to tensions arising from the challenges of monetary, fiscal, and technological innovation, infrastructure development, critical mineral and transportation supply-chain resilience, and energy security;

whether it was:

the lack of investment in critical materials, technology, and transportation infrastructure that led to multiple single points of failure in critical supply-chains;

the excess synchronized easy money policies, onshoring of labor in higher wage economies, misallocation of capital in financialized asset engineering products in an overvalued and over-levered market environment, instead of capital investment in business operations and production, that:

triggered critical supply-chain disruptions and market imbalances of critical resources and commodity materials needed for production and to fuel the growth for offsetting the nominal rise in the value of productive inputs, good and services; and

led to inflationary pressures and subsequent currency panics and interest rate spikes and sovereign debt crises from monetary and fiscal wavering between tight-money and easy money policy responses.

To this end, Running Alpha’s research framework offers a pathway for vitally examining our present and future capacity for change; and under what market conditions we can even play an active role in creating it.

Efrem digitally traverses the global markets using these insights for uncovering the architecture of connected human and machine perception biases, that put boundaries around future events and delineate the anatomy of these critical market divides – hard lines in the sand.

We trust that by augmenting our trading market and global-macro intelligence, we can also guide organizations and policymakers exploit these boundary conditions for preserving market stability rather than seeding further conflict.

Built on a culture for taking moonshots, at Running Alpha Efrem lives by the following principles; aspiring to not only deliver market intelligence for elevating your anxiety-adjusted performance and shrinking the gap between actual individual investor returns and reported/historical market performance,

but also expressing trading ideas and introducing investment opportunities from a place of curiosity -- learning how to think differently for raising your capacity for benefiting from emerging and maturing market trends before they are priced in; and for:

Embracing uncertainty and market disruptions/corrections for competitive advantage;

Celebrating failures as much as successes, for refining solutions, reworking old assumptions, re-tooling ancient methods with new perspectives and dimensions of thought;

Embracing the most uncomfortable trades and challenging opportunities – at times when most other investors are running the other way;

Harnessing the sum-nonlinear perspectives of market-players, who have wildly divergent views, while at the same time not anchoring your decision-making to any one subset of observations.

Challenging yourself to stare into the unknown; and instead of being paralyzed by its complexity, you start levering it as a source of energy for surfing the chaos and emotionally connecting to the underlying rip currents seeding the next wave of alpha momentum.

When Efrem built the technology and strategic framework, powering the Running Alpha Trading Box™, he wanted to make sure its capacity for extracting alpha from the market was not founded on dumb luck -- being in a favorable market regime without knowing it.

So, his priority was to make sure the strategy can make a difference when it is needed most, namely during: unscheduled regime transitions; and elevated uncertainty in volatility, that cannot be explained away by known market factors.

Alpha comes and goes in the marketplace, but enduring alpha can only be realized if market players can live to trade another day, and that is only possible if the strategy is conceived with a tail-risk-first culture; meaning how well does it hold up at either avoiding or benefiting from negative outlier events.

Conventional pursuits of containing drawdown and anticipating the duration and magnitude of market trends and extraordinary risk events have too often made simplistic statistical comparisons about the size and speed of past price declines, only to find out that records that have been characterized as selling bubbles –

emotional panic selling, disconnected from fundamentals, and driven by amplified price momentum feedback –

yet what most fail to consider is that the market players acting on what they observe, are not the same ecology of decision-makers that created the trends we are seeking to measure.

Instead of seeing history as fixed data points that gets extrapolated to fit an overly simplified model of how the world should work, we put the observer experience of how they feel about what's next into the investing equation, for making sense of forward volatility and supernormal outlier change.

To eliminate these blind spots, Running Alpha developed an algorithm that exploits computational constraints of classical binary logic, that would otherwise misguide us into:

making faulty and contrived assumptions about: how both the “economic machine” works and how its market players are influenced; and

over-simplifying or overcomplicating processes, with too few or too many fragmented and redundant parts –

factors and variables, that are creating inconsistent descriptions and representations of what's really happening in the world around us, which does not fit into the way we should be making decisions about the whole system.

Traditional capital asset pricing models, financial and economic systems, and the policy choices for managing them, are trying to fit the round-world dynamics of nature's operating system into a man-made square peg.

Today, the vectors of man-made expansion are ruled by constructs of policy and capital controls that are incompatible with the principles of complex systems, by which nature operates.

Not only have our institutions failed us in delivering desirable outcomes, they are also deploying and promoting an unchanging vector that will make the smartest assets on our planet the least sustainable and inflationary.

To address this misalignment of human capital and strategic monetary assets & natural resources, Running Alpha is focused on finding efficient resource allocation solutions for:

how to use foresight to best adapt cleverly to first principles of interdependencies upon which complex systems of many interacting parts are governed and evolved for:

calibrating and synchronizing our strategic and tactical decision-making; and

pursuing outlier opportunities at the fractal of human and natural expansion, where there is no precedent in traditional models for making bold decisions with confidence and attention to detail.

Investing in a stock or man-made instrument in a financialized marketplace is different than investing directly in a company; the price of an equity trading on a public exchange is a derivative of what other people think of the stock;

whereas the true value of a company lies in the capacity for management to steer it in a direction that adapts its resources and focus for maintaining a state of renewal, in the face of constant industry change.

Every asset is competing for finite liquidity sources in a world where there are more products and less eyeballs looking at them;

So, by having a research framework that is looking at these network interaction effects, and

sensing Market MindShare ( the share of the market player ecology that is interlinked, through action-reaction feedback chains of buying or selling activity ) -- when more eyeballs will be focusing on a given investment within crowded markets,

we are putting decision-makers in a position of power and choice, where they can increase their edge by holding onto assets where money will be persistently flowing, and moving out of markets, where buying interest will be drying up.

When money migrates into an asset, there is a positive feedback effect on value-creation that can accrue from management simply utilizing their rising share price and leadership spotlight for buying out complimentary assets of competing enterprises; thereby,

promoting organic growth versus simply expanding price-to-earning multiples.

Efrem has been quietly building out the core quantum-inspired algorithms and trading analytics infrastructure for running a market intelligence firm that can inform investors and business executives when to make bold decisions with confidence, at the most opportune striking moments –

right when wholesale liquidations of assets are leading to the final moments of a market capitulation – whether it is a “falling knife” market meltdown into a bottom or a euphoric frenzy into a top.

This gives Running Alpha an edge at helping investors get ahead of 99% of market players, by identifying actionable opportunities that will benefit from the next big transformational changes in:

Exponential Technologies, AI, Digital Communications and Semiconductors, Modernization of Digital Payment Technology; Industrial Production and Factory Automation; Mobility Logistics, Electrification, and Battery Minerals; Low Carbon Sustainable Jet Fuels and Building Solutions; Natural Gas and Renewable Energy, Solar, Wind Turbines, and Geothermal; Farmland, Agriculture, Timberland, and Forestry Management; Specialty Chemicals and Fertilizers; Commodity Producers and Natural Resource Mining; Infrastructure Development -- including basic materials, equipment and technical services; Industrial and Precious Metals – [ place somewhere else -- Dividend Kings, Covered Calls, Split Shares, Royalty Streaming Companies]

Companies and industries that are: making the world tick; and

needed for making our global industrial economic complex more structurally resilient to inflationary pressures and single points of failure.

Efrem’s first mission was to test the research framework’s accuracy and reliability at identifying market tells that can give early warning alerts of non-correlation breakdown and different types of market instability and dislocation – market selling or buying panics that arise from concentrated positions; transits to uniform ecologies of market actor perceptions; the market structure physics of dark and lit markets, when asset prices slowing down into self-ordered critical points near local or global highs or lows; and

more challenging, identifying surprise outlier price, volatility, and liquidity events -- anomalous momentum crashes that come into being abruptly, out of left field, and with more vigor than the prevailing market trend energy and trading activity leading up to it.

In Efrem’s review of over 400 years of market history, he found that by focusing on the same processes ( except at different fractal scales ) that enabled him to sense and navigate around adverse tall-tailed market outliers --

those which can permanently impair your investment capital and harm your emotional state of mind, when it comes to following your strategy and generating alpha with low levels of anxiety, he could also see through the noise of everyday events, and capture the sentiment signal in less active and trendless periods.

To this end, the Running Alpha Trading Box™ provides a roadmap for investing with a global context across asset classes and market structures, for navigating around financial storms and tall-tailed risks before they strike, particularly in our multi-polar era of market flux and economic uncertainty;

where new sources of outlier risk are emerging and making prevailing relationships among all sources of risk and return less sustainable, and more unstable and volatile.

Even the volatility surrounding levels of uncertainty are expanding and making it increasingly more challenging for managing business expectations.

As you will soon learn in this description, we also apply Momentum Perception Maps™ ( MPMs) for gaining insight into market convexity – asymmetric sources of risk and return that introduce non-linearities – disproportional changes in the movement of one set of assets or return and/or risk factors relative to different sets of assets or market factors.

We also expose the market physics and/or break-down in the sources of trust beneath the surface of price action, for telling investors when or whether such non-linearities will be showing up and/or getting amplified or attenuated during the term of investment.

With every actionable opportunity we uncover, the one thing we take pride in delivering to you is an assumption-free take on:

when defensive opportunity sets and cross-asset relationships will be at odds with history; and

distinguishing assets that will be linked at the hip ( positively correlated ) from those that will be disconnected ( non-correlated ) or moving farther apart ( negatively correlated ) in the upcoming period.

To be agile and respond as dynamically as possible in different emergency situations and market environments, we make it our business to avoid observing the smoke ( correlations in price, returns, or other market factors ) to chase the fire ( hazard ) after a risk event has already burned down the property; instead, We’re Building the Alpha Plane, While We’re Flying It.

To this end, by constantly inspecting for defects and examining changes in the shape and underlying complexity of entanglements among the term-structure curves of momentum perception biases from the event horizon ( the macro-layers at the outer edges of time, back to the big bang of capitalism ) to the inner core ( market players interactions within individual assets at the shortest scales – which we call Bottom-Down™ Intelligence ),

across different assets, has served us well, as a leading indicator of asset non-correlation breakdown and regime changes in both the non-linearity of inter-market relationships and the vectors of risk and opportunity, particularly those living beyond the fringe of the visible distribution.

How we use our market maps for mitigating these risks and turning them into opportunity is our secret sauce that makes us different from every other alpha and risk intelligence source in the marketplace today.

In this business of trading and investing, we all know we get compensated for taking risks that can’t diversify away. For that reason alone, we are constantly on the look for situations where markets are overcompensating for risks that, conventional theory says, can’t be cancelled out.

With our maps, we now have foresight into changes in the Sentiment Jet-Stream of Human and Machine Momentum Perception biases; informing us of when the physics of chain-reactions in buying and selling activity will counter-act the effect of risk, that would otherwise not be cancelled out or diversified away.

Given that our focus at Running alpha is on creating anti-fragile portfolios, there are many instances where an initial attenuated negative reaction to a seemingly non-diversifiable risk can become the catalyst for a bullish sentiment term structure configuration. This adds to the wide-ranging utility of our inhouse proprietary market maps.

Our Technology doesn’t just get you to where you’re going faster, and allow you to do what you’ve always done a little more efficiently, but it creates and delivers new value vectors and trading processes and experiences that matches up [with the client’s lifestyle and] the way investors experience risk.

Start Elevating Your Trade-Ready Alpha Experience, Today with Running Alpha Trading Box™!

Running Alpha's financial technology solutions have also been:

Nominated in 2016 for the Benzinga ( BZ ) Fintech Awards, (aka, Global Fintech Awards), where Running Alpha placed as a Finding Alpha Finalist, where Benzinga News interviewed Efrem about Running Alpha’s technology innovation, Live and in-person, at a New York Gala event;

Scouted out and vetted by the Founder of Toronto, based Street Contxt Exchange in 2018, hailed as the “Netflix of [Market] Research,” to be among the first 35 independent investment market research intelligence contributors on their global marketplace;

bringing the buy and sell sides of Wall Street and Bay Street closer together than ever before; with client coverage of over 300,000 individuals across 47,000 firms in 153 countries.

Through invitation by the senior research scientist of Pacific Northwest National Laboratory’s ( PNNLs – one of among ten U.S. Department of Energy (DOE) national research labs managed by the DOE’s Office of Science ) in Richland, Washington,

Efrem explored whitespace opportunities in advanced Visual Decision-Support Displays, for financial market prediction and surveillance of financial risk and market anomalies.

Efrem has also been extended numerous invitations for serving as an active delegate and speaker at global financial industry events and leading-edge academic institutions, including:

a 90-minute key-note presentation on AI-Powered Market Prediction and FinTech Innovation for a 2017 Semi-Annual Financial Innovation Address to over 100 Financial Mathematics students -- undergraduates and graduate, as well as faculty members and Financial Industry professionals, at:

the University of Toronto ( U of T ), organized by Derek Liu, the project manager of the Financial Mathematics RiskLab, U of T Canadian Headquarters --

a world-class international risk analytics research agency, recognized as a top NSERC award winning institution for industry-academic collaborations in Canada, where

Efrem received a standing ovation, followed by a high energy Q&A lineup; and

Serving as an invited delegate to Live panel debates with prominent Bay Street and Montreal-based Analysts on the state of North American markets and economy, moderated by Bloomberg’s Managing News Bureau Editor of Canada, David Scanlan, at Bloomberg Charts Day, which included:

a Hall of Fame inductee of the Canadian Society of Technical Analysts ( CSTA ); and

a Toronto-Based Bloomberg Canada / Business News Network ( BNN ) TV show personality, who specializes in wealth preservation and growth, financial and estate planning, and diversified ETF-based investing for global tactical asset allocation.

Efrem was short-listed among industry peers, to share his unique expert insights on trading market strategy in a chapter of “Learning the Secrets of Successful Investing,” which became a #1 Best-Selling Amazon Kindle Book in the category of Investing & Commodities –

edited by Larry Jacobs, the 2001 World Cup Trading Championships® Winner for stocks, and founder of TradersWorld, now operated by Halliker’s Inc.; and

has also appeared on Live on-air Business Innovation and Investing Education Interviews and Expert Knowledge Sessions on North American business market intelligence podcasts and radio broadcasts, including:

In-person show(s) in Chicago on Benzinga PreMarket PREP, where, on one of several digital episodes, Efrem shared his market intelligence live on-line from Toronto, Canada on a special morning lineup;

featuring prominent Wall Street financial and economic experts, who independently kicked off the morning broadcast, including: Ron Insana, former CNBC anchor and author of Insana Market Intelligence; Michael Corcelli of Alexander Alternative Capital; and Mohamed El-Erian, Chief Economic Advisor at Allianz;

frequent guest invites on Benzinga PreMarket Prep News and Radio Network, where on live-air he is known for making winning bets with the host on extremely bold, contrarian, and timely market calls on outlier events, right before watershed market extremes, where history has proven out that those on the other side of the trade were overly pessimistic or optimistic; and

Global Industry Events in North America and Geneva, Switzerland, including moderating roundtable discussions on “Innovative Trends in Multi-Factor Investing and Alternative Data Augmentation – Smart-Beta 3.0,” alongside founders and C-suite hedge funds and ETF industry innovation specialists from boutique and big investment banks at Trading Show Chicago 2017,

where Efrem was as an invited keynote seminar speaker on " How to think Differently about Financial Market Trends using Running Alpha’s “Bottom-Down Intelligence™;" also

serving on live in-person expert discussion panels at:

Terrapin’s QuantWorld Canada 2017, moderated by Ernest Chan, adjunct faculty at Northwestern University, Master's in Data Science program on best practices in finance and machine learning; and

Trading Show Chicago 2017, and Toronto-based Hedge Fund Hotel (where, WSJ-Dow Jones Reporter & Columnist, Evelyn Juan interviewed Efrem for a Dow Jones Newswire article [ Portfolio Stress-Testing in Financial Market Hurricanes ]),

on topics ranging from trading on social sentiment trends, to unique machine intelligence and alternative data strategies, with luminaries of finance, including:

a market data specialist from one of the most respected hedge fund trading firms;

a world-leading quant commodity pool operator and trading advisor, who is an influential data science teacher and prolific author of machine learning principles for democratizing access to algorithmic trading strategies.

Featured by Value Inspiration Network,

hosted by Ton Dobbe, a 30-year veteran and globally recognized business strategy and B2B software innovation thought-leader in Spain,

Efrem’s lively podcast exchange on "How Human and Machine Combos Can-Be Used To Avert Financial Tornados,"

captivated and inspired Ton so much, that he not only featured Running Alpha’s competitive edge and Efrem’s educational quotes on risk and innovation, alongside 100global industry influencers and leading tech-entrepreneurs-on-a-mission,

in his Best-Selling paperback / hard-cover/ and Kindle formatted Digital Business Software Innovation Book – The The Remarkable Effect; but also,

included Efrem’s profile and blurb on the back-cover.

John Rubino, a former Wall Street Star Analyst and featured columnist with TheStreet and prolific author of several books, including The Money Bubble, interviewed Efrem for a feature article in the Chartered Financial Analysts (CFA) Magazine, Volume 27, Issue 3 on Sept. 16th 2016, called "My Favorite Robot."

Here is a portion of the Efrem’s dialogue with John Rubino:

“Two-way transparency will also become increasingly important. “Right now, money managers are judged based on performance relative to target indices. That obscures a lot of important [nuances],” says Hoffman. Next-generation AI, [Running Alpha has developed] “will be able to not only compare fund performance with peers but track the underlying reasons for the performance so it’s more aligned with the [investor].”

The same technologies will offer better insight into exactly who customers are and what they need. “Every new client defines their risk tolerance and other preferences upfront, but that information has a short shelf life and is potentially inaccurate,” says Hoffman. “Most people don’t know what their risk tolerance is. And a [ Portfolio Manager ( PM ) ] managing [over] 400 accounts can’t track their subsequent behavior in response to volatility episodes.”

Consider an imaginary scenario: Two clients both claim moderate risk tolerance, but a sharp market correction elicits a “sell everything” call from one and a “buy the dip” from the other.

Future AIs will be able to track these responses and “put clients with managers who align with their behavior,” says Hoffman, who proposes a new performance metric called “anxiety-adjusted return[s]” to gauge this relationship.”

Efrem has also been recently interviewed by a prominent London-based buy-side Alternative Financial Market Big-Data Vendor with international operations,

for showcasing Running Alpha’s augmented data intelligence services to their premium platform subscribers – including large institutional investment banks, hedge funds and data science thinktanks in the fintech vertical,

who are looking for new sources of data that will be amplifying the alpha-signal strength and extending the shelf-life and reliability of their existing data sources.

With exclusive invitation, Efrem proudly serves as:

Industry Survey Alliance Partner, to ChangeWave Research, a division of 451 Research -- providing time-relevant Insights on current consumer and business Trends impacting the financial community, with a focus on IT and Networking Technology; and

Corporate Research Member to Tactical Rabbit Inc, an elite closed intelligence network offering break-through military intelligence gathering methodologies to ascertain the relevant information so that the right mission-critical business, economic, and social decisions can be made under conditions of extreme and apparent uncertainty; and has been actively engaged as a:

Canadian Research Member to the late Barydyne Traders Group Project; a breakthrough global think-tank, whose mandate is reinventing the future of trading in a live trading lab. The mission there was to contribute valuable insights for promoting the science of prediction to trading.

As a member of this trading group, Efrem actively participated in group decisions with the director to select buy, sell, entry and exit strategies, and was instrumental in helping members reorient their views on time-relevant opportunities for investing in emerging semiconductor megatrends, right near a pivotal point in history in the 2010s, proved prescient.

Efrem also received formal instruction on Professional Real-Time Trading Floor Technologies and Data-Provider Architectures/Configurations, and Multi-Dimensional Visualization and Data-Mining of Real-Time Financial Data – in New York (Waters Corporation) and Toronto (Visible Decisions, Inc.), alongside senior executives of Fortune 500 companies, including some of the world's largest investment banks and software development firms [1997]; and

actively shares his insights on Strategy Development and the Future States of Markets, which include:

frequent trend-pieces, published and accessible to his over 27,600 direct LinkedIn Connections and Followers, and over 2680 subscribers, that joined in the first few weeks after launching his LinkedIn Newsletter: Hoffman Financial Storm Chaser™.

With a strong practical understanding of financial innovation use cases,

Efrem brings a broad-scale practical perspective to making sense of capital market and economic movements, for advancing the science of precision wealth-intelligence;

Founded on a unified framework, of three innovations:

Multi-Valued Computing Logic, Bottom-Down Analytics™, and Crowd-Physics™,

Efrem is opening new ground in levering Quantum Machine Intelligence strategies,

for giving precision insight into international capital and domestic liquidity movements in both publicly listed and dark markets -- off-exchange venues, where market dealers work on behalf of big institutions to mask their order-flow intentions.

Efrem started out at a time when few in the business community were aware of our framework's universal potential in other industries -- over 15 years before it became a buzzword on Wall Street and Main Street.

Although the initial focus was Tornado Prediction from high dimensional radar imagery, which unlike a picture of a car, as seen with a camera, 3D weather-radar reflectivity echoes of wind patterns, and signatures of whirling cloud droplets, colliding and bouncing off each other in the sky, are only abstractions of reality.

His scientific approach was so unconventional and promising that, not only did Efrem receive special recognition by a lead research scientist at the Atmospheric Environment Service (AES) Prairie Storm Prediction Center,

for making significant contributions to StormTech science and transforming the way experts can start thinking about making better sense of hierarchical patterns in just about any unstructured multi-dimensional big data sets ( including financial markets ),

while teasing out, at remarkable speeds ( up to 1000 times faster than conventional AI and more accurately than classical algorithms on a supercomputer ), the salient predictive features at local and global scale,

but the technology innovation use case also played a role in pilot-test studies, and later featured by Braindex, as among the top 250 most fascinating weather radar inventions.

Efrem has an unwavering fascination for bringing the common ground, unique challenges, and bleeding edge solutions he discovered across multiple disciplines to building solutions for observing the collective human perception and behavioral traits and biases that make markets tick; and give rise to sudden outbursts of extreme bullish and bearish activity.

These interactions have humbled Efrem to appreciate the importance of knowing when to start applying and investing in a technology; and of equal relevance, avoiding situations when the underlying assumptions of a technology's function and utility create unacceptable trade-offs that are incompatible with the current and upcoming market environment.

By augmenting the benefits of industry knowledge and human judgement with non-discretionary strategic insights from academia and industry, Efrem has acquired a respect for how the human condition, trying to make sense of the unknown, both interacts and interferes with mathematical modelling.

That’s why Efrem Hoffman's strategies and research frameworks are challenging the fundamental limits of conventional logic for which almost every life and death, career-changing flight or fight, decisions we make, are based on.

So, Efrem's message is clear -- we better be prepared to see outliers, irregularities, and uncertainty for what they really are -- the most persistent windows of opportunity that should be embraced for converting strategy into action inside the World's Thinnest Risk Horizons™.

What really catches Efrem's attention is when the underlying premise of the consensus view, particularly of the market’s collective behavior and expectations, not only diverges wildly from reality, but is founded on a rigid monochromatic belief system and theory, that is not verifiable in the real world.

He especially derives pleasure from assisting investors with making sense of current conditions, and then levering this dynamic knowledge for generating high levels of anxiety-adjusted returns.

To this end, Efrem is delivering insights into what’s not only new,

but also, how his new innovation in investing technology and prescriptive analytics has the power to inspire audiences to innovate at a new level, and transform specific industry and organizations forever.

Through Efrem's close observations of his dynamic market maps, he noticed that there is a “constant pressure, pushing toward patterned structure –

a tendency in matter and belief systems, to evolve into ever more complex and emergent forms;

those elemental properties nature has employed for billions of years, to create rich diversity, including us and the biosphere we live in today.

It's a kind of pattern gravity; a latent energy and driving force in the cosmos, markets, business, and life gives rise to internal behavior of financial market players,

that are spontaneously giving rise to energetic market action, in the absence of both external shocks and financial, monetary, and social stimuli,

much like the self-organizing pattern that you may have seen emerge when a swarm of bees or a flocks of birds interact.

With a mindset bent on exploring the most profitable motifs -- alternative future system states inside the world’s thinnest risk windows,

Efrem, with the aid of Running Alpha’s proprietary Quantum AI-Powered Momentum Perception Maps™, is periodically running

Simulations of what would happen to the mindsets of broad-scale market players ( and their field effect on forward sentiment changes),

when both active market agents in the present and diverse pools of available investors from the future begin dialing up or dialing down the extent to which their momentum biases,

traveling along future strips of time,

are in agreement or disagreement with each other.

Knowledge of these timing windows breaths fresh insight and life-changing foresight into pivotal changes in the Sentiment Jetstream, driving tomorrow’s most powerful asset price actions and alpha opportunities.

These quantum effects that we observe behind the scenes for you on our maps, are revealing the location and time coordinates of market player momentum perceptions ( objects ), from data ( the light ) that has yet to actually touch these market participants, let alone register on their market monitoring instruments.

In other words, no longer does an object ( market player biases ) have to be in the field of view of the camera ( market measurement device ) in order to take a picture.

It’s Like Seeing Things Without Looking At Them.

By unlocking access to special entangled states and market structures, that were previously invisible,

Efrem has built the foundation at Running Alpha for Reverse Engineering What Competing Market Players at Broad-Scope Scale Will Be Observing and Acting on in The Future;

Enabling investors to gain early insights into when market biases are not in a coordinated configuration, thereby, indicating when investors should simply stay away from making new capital allocation decisions,

given that markets in this state, strongly tend to offer fewer meaningful arbitrage opportunities, after risk and reward is factored into the equation.

You now have a choice of being the statistic or making it work for you, before the light ( the data ) that gets collected from the next event becomes the next future touch point, that is used by most market practitioners and risk managers in hindsight, for updating their playbook.

Momentum Perception Maps™ gives our founder, Efrem Hoffman,

a springboard for stepping up your game and elevating your edge at better anticipating which catalysts will have the highest potential for disrupting the status quo of crowded trades and turning them into your alpha gain.

What would have normally taken a team of 20 upwards to 100 or more market analyst’s days or weeks to analyze at lower fidelity, a single individual can start using these actionable buy and insights,

systematically derived from Efrem’s Momentum Perception Mapping technology; thereby

singlehandedly completing the task intraday, ahead of critical market events, and doing so, not only emotionally free, but with much higher confidence, fidelity, clarity, and precision;

enabling you to start:

boldly expressing best-in-class bullish or bearish trading and investing ideas in the face of unprecedented uncertainty, with a simple stock buy and sell order,

all without the use of leverage or any kind of complex trade positioning strategy.

Why Running Alpha? It's Your Time to Benefit

Whether you are a stock market wizard or a first-time investor, our strategy and Alpha Trading Box™ insights are for you.

We put high priority in letting you know in plain English when our Alpha Trading Speedways™ of high-impact market activity become active. That is when a trading opportunity should be taken very seriously.

These trading opportunities fall into investing campaign categories, ranging from: from under 1 week; upwards to 3 to 4 weeks, and 6 to 9 weeks or more.

This is all within the context of our longer-term trends.

Our Trading and Investing Alpha Boxes span from 50 to 95 days, and at times can extend beyond 2 to 3 months, upwards to 6 months, given that this is a typical cycle duration of individual sources of risk in the post-crisis era.

Within these intervals, we trade around core positions, by dynamically assessing risk exposure per unit of time, and identifying whether the valuation discount and reward-to-risk parameters, still available in an existing core position, has sufficient potential to match up with fresh opportunity candidates of at least equal conviction.

This keeps us agile to changing market conditions, while still keeping our portfolio turnover manageable, regardless of the size of our portfolio, be it concentrated with 3 to 4 positions, or diversified with 12-to-14, 21-to-30, or even 40-to-50+ high-impact opportunities.

As you will discover in our technology description, we have a computational advantage over our peers at constructing diversified portfolios’ that hold up in times of extreme uncertainty and crisis, with very few assets that reside inside of tightly defined risk and opportunity windows;

offering performance potential that beets the benchmark index by at least 2-fold, with high probability.

On balance, we filter our investment opportunities to those that have at least a 3-to-1 pay off, for generating in the order of 15% to 25%, upwards to 35% return on investment campaigns,

and it is not uncommon, particularly in highly volatile and fast market environments, like we find ourselves today, that we participate in a few longer-term investment campaigns, with much higher gains, perhaps above 70% over a 12-month basis.

In all market climates, the win rate is unusually high ( above 80% to over 90% ) on a position level basis, and even higher on a portfolio basis, regardless of the portfolio sizes above 3, and up to 200+.

Given Efrem's diverse experiences in science, technology, and financial innovation, he has a front-row seat to the incredible life-changing digital transformations ( both software and hardware ) taking place in our world, which neatly ties into the reason:

why some companies are growing so quickly, eating up market share, and making profits faster than we could have imagined before.

This gives Running Alpha Trading Box a significant edge at providing focused, actionable insights, for helping you generate alpha and achieve life-changing benefits for: amplifying your retail trading edge or institutional client experience.

Now, you can start taking advantage of this great opportunity for growing and fine-tuning your trading market and investment intelligence skills and actionable real-money foresights on global-macro trends, momentum trading, market player perceptions and trade positioning, and inter-market money flows in dark and lit venues across world capital markets.

You will Gain Actionable Insights on a unique Momentum Crash strategy that has an uncanny record of profiting from market anomalies and unusual multi-sigma outlier events, as well as identifying trend continuation moves, where positions can be dialed up.

The strategy also augments trend-following strategies for honing guidance on adjusting position size and performing asset replacements, when sudden market regime changes and extreme reversal events are ripe to occur.

Inspired by the Physics of Chasing Tornadoes from Weather Radar Signals using patented and proprietary AI technology invented by our founder, Efrem Hoffman,

Running Alpha is building on over two decades of quantitative innovations in self-teaching computers to see the invisible and unlearn relationships that are no longer relevant for making sense of tomorrow.

We are helping clients in taking a giant leap forward; exploiting the constraints of classical computing logic ( that virtually every strategy in the marketplace today is running on ) and replacing them

with Quantum Computing Principles, for:

turning a special class of “unknown unknowns” into actionable information you can now profit from ahead of the crowd.

It’s like feeling the momentum behind asset price behavior and sentiment effects of market history before it happens; thereby,

giving you time-relevant foresights for adapting and amplifying your defense and profit opportunities to future scenarios –

not only found outside the borders of history, consensus, and conventional practice, but also those you nor the market place may have ever imagined.

When you become a subscriber of Running Alpha Trading Box™, we'll be going on a journey together, covering actionable alpha narratives that give you the upper hand for standing out in your performance goals.

The Running Alpha service meets this mission by exploiting uncertainty for competitive advantage, through learning from the future, and

bringing action-reaction feedback chains of broad-scale observer interactions and tall-tailed risk scenarios -- human and machine, in dark and lit markets into the trading momentum and investment valuation equation.

Finding the ideal moments for profiting from super-anomalies, disruptive change, and enduring mega trends, that are invisible to current-day best practices, is our sandbox.

We do this by mapping out investor interactions from the big bang of capitalism; made possible by our proprietary Sentiment Jet Stream Maps, which are designed for both:

capturing entangled connections between forward changes in price action and emergent market player momentum perception biases to news sentiment; and

putting boundaries around price and time, that are precisely synchronizing with markets that are "climbing a wall of worry or descending a slope of hope.”

In other words, we are only trading and investing when these windows of opportunity are present, meaning that we are expecting the asset-price impact to future News-Flow and prior market-moving events, yet to be reflected in price action —

both scheduled announcements and unexpected scenarios —

are most likely to be amplified or attenuated through echoes of future buying and selling activity.

That means helping you sleep better at night, with antifragile portfolios that gain from volatility, instead of creating more uncertainty surrounding market expectations.

Although many market participants inappropriately apply the CBOE Volatility Index (VIX) as a fear gauge to make sentiment timing decisions and spot extreme market reversions,

our inhouse market maps provide a much more powerful and reliable way for gaining high-conviction insights on listed & dark pool money flows and sentiment inflection points, with world-class accuracy, and for

systematically indicating when: contrarian investors; short sellers; and market dealers, should be prudent in adjusting their positions --

dialing up or dialing down risk, in capital markets that are experiencing outlier volatility or unusual cross-market activity and breakdowns inter-market correlations.

Whether you are interested in:

narrowing your investment universe;

avoiding bad stocks and industry groups or picking the best value and growth plays before the street;

trading around core positions;

lowering transaction costs and market noise by broadening the scope of undiscovered information well beyond the time-horizon of traditional analytics, or

simply integrating a new source of Sustainable Alpha into your Investing Decision-Making Process,

the Running Alpha Trading Box™ can now be put to work for you -- and your organization; allowing you to benefit from a new and complimentary source of Alpha, that is not available anywhere else.

This includes:

precision foresight into the opening and closing times of emerging cross-market sector rotations, momentum crashes, life-changing volatility events, short squeezes, gamma-squeezes, value traps, growth traps, and commodity supply and demand shocks; and

scrutinizing subtle and not so subtle cross-market action-reaction feedback chains of emergent sentiment, momentum, and trade positioning biases.

Running alpha successfully achieves this mission by revealing hidden and anomalous imbalances between uninformed and smart real-money market players in dark and lit markets on broad-scale time-lines;

giving early warning of outlier trends and regime shifts, that have no past analogue; thereby telling you when:

market participants, dealers, and trend-following and momentum strategies will be hitting the panic button;

smart money flows will be amplified; and

cross-asset price relationships and correlation will start breaking down --

unleashing opportunities for profiting from persistent megatrends, gamma squeezes, and short squeezes, all while avoiding value traps.

[ Imagine a giant liquid soap bottle ( the market ) in which every bubble & droplet contains particles ( individual decision-maker perceptions ) that have been encoded with the product's manufacturing history -- it's factory source ( the marketplace ); how it's made; a calendar tracking the order its particles ( active and passive market players ) were mixed; sort of like a:

Giant Digital Footprint of Human Perceptions & Machine Trading Activity. ]

That's what's going on behind the scenes of the Running Alpha Trading Box™.

Especially in today’s high-speed and multi-polar market place, there is a disconnect between academic closed ended-models and real-life open-markets, where new things are happening all the time and people and machines are dynamically reacting from all sides –

not only to differences and changes in the sources of returns, but also to their life circumstances and capacity for gaining from experience and innovating their way out of problems --

by introducing new markets and technology mechanisms, when confronted by exposures to unique levels and types of risk.

This divergence between perception and reality is why the investment community should not be surprised why on so many occasions, the future does not resemble the past.

The ongoing problem is that Investors are people and machines with built-in human biases, that are still building businesses and market portfolios optimized for the present.

This chasm is further magnified by a fundamental property of life in the universe at large – entropy ( unusable energy ) – aka market states that are inaccessible and unobservable by current day strategies ( technical, behavioral, or fundamental), whose rule sets are encoded in two-valued logic – on or off states –

falsely assuming that the diversity of vantage points for observing market change does not have the capacity for increasing, as the marketplace becomes more mature; and the subsequent size ( cardinality ) of the data-set gets ever larger.

To correct for this and start profiting from record-breaking events never experienced before,

we are exploiting a subtle, overlooked feature of quantum mechanical computing systems;

that accounts for how and why markets, unlike people, move faster as they get older and bigger.

Hint: That’s because, with maturity of markets, comes increasing complexity, because,

as more data points arrive, there are more ways to partition a data set; resulting in larger numbers of potential lookback intervals and interacting viewing perspectives to choose from, for observing trends.

This is a big deal, because that means:

(1) it raises the probability of more blind-spots in conventional decision-making,

as the number of cross-roads ( bifurcations points or forks in the road ) start expanding super-linearly;

yielding bigger reversion events and momentum crashes,

especially when an increasing number of surprise events arise from our planet’s ever more fragile economic, environmental, and geo-political state;

(ii) virtually everyone's trading and framework today is not accounting for the fact that the ecologies of market players, who are observing today’s trends, are not the same as those decision-makers that came together in the past to create them them, by disagreeing on value and agreeing on price.

It is the magnitude and range of these differences that defines the alpha opportunity.

That is why our alpha-ready solutions are embracing the fact that the composition of institutions and marketplaces of the past, that have interacted for creating the apparent stock market and economic trading patterns and trends of today, are not the same as those market players observing them. This mismatch interferes with the perception of reality -- and current and evolving conditions.

Running Alpha Trading Box™ closes this gap between perception and reality by making decisions that are coming from a place where: It’s decisions that drive price action;

So why, after over 100 years of modern market observation, are virtually all market-players and technicians still following cycles in asset prices --

which are nothing more than outputs of millions of market-player orders coming together as a result of initial decisions and long-memory and short-range feedback processes --

for calculating changes in fundamental and macro-market variables,

instead of analyzing momentum cycles in the perception biases of decision-makers, which are the inputs of the price formation process, that only subsequently gets converted by the orderbook’s function, into what really matters –

the actualized future price action that has a material impact on the most watched fundamental metrics.

That is why we place emphasis delivering opportunities, sourced from deeply liquid markets, which typically are more mature, with significantly more data points and a richer market structure and network complexity – as expressed by the number and scope of interconnections and entangled states among different groups of market agents.

To profit from this information gap, Running Alpha’s patented and proprietary technology monitors, identifies, and scrutinizes the implications of market structure and cross-asset / inter-market complexity for alerting investors of transitions between different market regimes of high-consequence that have never been observed before,

particularly those that are most antifragile to market shocks, and have the highest potential for benefiting from both extreme market uncertainty, and expansions and contractions in momentum and volatility.

Built around the mechanics of quantum information processing, we produced a market map that not only intuitively captures the full array of market perception biases of active and passive market players, that are seeding these benefits, but we are also:

generating simulations inhouse that account for the open-market nature of people and machines, who are learning and unlearning from their environment, for precision-filtering away assets that are not antifragile to market shocks.

Although we are guided by what matters now; Running Alpha's investment framework was designed for ensuring that the relationships are logically consistent and make sense across observations of assets at different viewing scales.

This is made possible by our unique crowd-physics engine, that elegantly incorporates the market physics of observer interaction effects ( at broadscale fractal viewing scales ), for rendering visibility of action-reaction feedback chains and subtle entangled state changes between human-machine agents and their market environment.

Sometimes entanglements among market players run higher, with lots of sensitivity to price and news-flow, or simply the passage off time itself can start bending market-player perceptions, and predisposing certain groups of market agents to start filtering out news items with sentiment that does not match up with their momentum perception biases.

In this respect, news taken at face value is irrelevant most of the time, without knowing why context among market players is king. That is partly why trend followers are many times right when they say raw price is your most trusted data source.

Running Alpha addresses this debate in a fundamentally new way based on first principles, for capturing future outlier situations, where raw price is not always king, given that the bias for current price to suddenly jump at exceptional point transitions ( more on this later ), are the biggest when the stakes are the highest –

namely, when outlier price-gap-event induced drawdowns, accompanied by low anxiety-adjusted returns, can put the discipline of clients and even veteran managers to the test of resisting temptation for tinkering with their systematic rules, governing their time-tested strategy.

In this respect, Efrem has discovered, through analyzing modern and ancient markets, that limiting our focus to raw price action ( or in combination with fundamentals ) does not account for how the different paths of contagion are unfolding from unknown events.

Instead, we should augment raw price with transformations of price in relation to market players that have highly entangled momentum perception biases.

Our work shows that the greater the number of entanglements an asset presents, the more confident one can be about when the actions and inactions of dominant market players will be amplifying forward prices away from the current price;

thereby making the current asset price ( regime ) inefficient at: sensing abrupt and unfolding outlier events; and instantaneously reflecting market echoes -- the chain reaction of forward buying and selling activity, set off by the physics of market observer interactions ( more on this later )

The combination of Efrem's experiences in the mid 90s, being mentored by a world-class Chicago floor trader, who made it big in the 80s trading futures and options in the center ring of the S&P 500 futures pit and Treasury markets, and his study of over 400 years of market history and 25+ years of contemporaneous real-life trading market analysis and portfolio construction, have given Efrem an appreciation for observing when supply and demand of market players, will be meeting up at certain time points for disagreeing on value and agreeing on price.

Although Efrem learned early on that price may reflect where people meet in the moment; to create enduring alpha, you need intelligence that can get ahead of infamous momentum crashes and profit from how traders will be feeling about the future.

To do that, you need to augment price with something no one is talking about, by looking beneath the market’s surface, for revealing emergent sentiment jet-streams that are becoming dynamically predisposed for catalyzing anomalous breaks in market trends, which do not always slow down or self-organize into critical states that smoothly break trend before a sharp reversal, but rather often gap into outlier price action, against the main trend, or into a freshly established trend.

So, to solve for this problem; and specifically profit from situations where unusual market dislocations ( gaps and infamous momentum crashes ) are likely to occur in price, that would otherwise be insulated by capital protection rules of trend-following or momentum trading and growth investing, we do three things really well at Running Alpha, that matter, for:

differentiating individual trading ideas and portfolios, by selecting them for their capacity to stabilize and gain from market shocks; and respond differently to different sources of risk –

recovering relatively quickly with greater levels of price persistence to new heights, especially in the wake of systemic dislocations and tall-tailed risk events – “Black Swans“ or “Dragon Kings” ( predictable super-outlier events of high consequence, particularly those coming from new directions -- paths not traveled, where hedging is not prevalent, risks are not priced in, and regulations in place from a prior risk Mitigation era are no longer relevant ),” namely, by:

( 1 ) not tethering our decision-making to historical relationships or anything other than the evolving topology of market-player connections, that are driving the market physics of forward price action, resulting from market players joining together in the order book -- which are central to the asset price formation process.

In this way, we are Identifying assets with specific arrangements of network connections among market player momentum perceptions biases -- when human emotions will dominate over making sense of fundamentals or news; since whatever data item comes our way, it will be dismissed by some and deemed relevant by others.

By analyzing the collective dynamics of financial systems, comprised of many interacting parts and economic agents, particularly when facing unusual or emergency situations that have limited or no historical analogs; we are essentially:

working out the sum non-linear behavior, that results when many different types of agents, with competing preferences, are colliding at different speeds.

Efrem has discovered that when these preferences are placed in a competitive environment, sometimes they can self-create unique forms of motion.

This new class of "unsupervised" market intelligence, which Running Alpha’s founder coined as Bottom-Down Intelligence™ ( BDI ) is exciting for investors, because it offers a new wrinkle into understanding and predicting the behavior and piece-wise paths of complex systems with many interacting parts -- a field of science known as many-body physics.

Likened to the moments when phase transitions are triggered in physical systems, so too there exists special moments, when the spontaneous motion of market actor biases become manifested in future price.

These are special types of regime change, known in mathematics as exceptional points.

[When many disagreeing agents are put together, this creates a constant collective movement, generated by the “frustration” in their competing tendencies.]

It’s unusual because there’s no external force or stressors causing it to change its spin (upside or downside bias).

The rotation of the momentum spin ( torque ) simply comes from the instantaneous internal field effect created by how the agents continuously communicate their interactions by acting or in-acting on their perception biases of the ambient environment;”

( 2 ) developing an inhouse tool, we call Momentum Perception Maps™ ( MPMs ) –

forward curves overlaid on price charts that correspond to price levels in the future where market players of different holding periods ( making decisions on different time lines ) will be registering zero momentum).

The inverse slope of each term structure curve depicts the directional momentum perception bias for a given periodic time scale, allowing us to see a birds-eye view of how all the term structures of momentum perceptions across broad-scale trend observation intervals, will be combining non-linearly, for constructing the dominant forward Sentiment Jetstream of each asset, over a specified window.

The secret sauce is finding the special configuration of market curves – the needle in the haystack, that places the market player perceptions in a minimum entangled state, such that a non-linear sum of these curves ( the mother function ) can be applied to determine the primary Sentiment Jetstream, driving both directional asset price and forward volatility behavior.

Instead of adding assets blindly to create a diversified portfolio based on correlation matrices or copula functions of risk or return, that are anchored to past multi-dimensional relationships, we calibrate forward by combining assets with Sentiment Momentum Jet-Streams that are varied in shape and scale, and staggard in phase of component term structures.

This allows us to construct portfolios that respond differently, yet beneficially to different news sentiments and risk/return factors; thereby elevating our sentiment factors to a form that is significantly more stable than factors of return or even risk.

We have found that risks of high consequence to portfolios usually resides in a few momentum perception factors -- of price, volatility of price, and variance of volatility of price -- that you can count on your finger. This makes our momentum perception filters superior for compressing the dimension of portfolio factors, so that there is a reduced chance that some set of assets unknowingly takes on an unreasonably dominant or concentrated role; and

(3 ) uncovering a blind spot in conventional measurement of market momentum, that gets in the way of accurately seeing over 100 years of modern stock market history, we can exploit the false assumption that the “madness of crowds” and “irrational exuberance” are the underlying mechanisms behind buying or selling panics.

Running Alpha has observed that if the people are clustered into certain pockets of arrangement, with just the right time delay and sequencing of movement, the toppling effect and compression from crowd turbulence do not occur in the presence of any one or combination of individuals orchestrating the movement, and cannot be revealed by simply assuming that humans behave as sets of repulsive particles, that tend to move out of the way with increasing momentum when the distribution of their cross-market trading ideas, momentum perceptions, and positioning histories get overcrowded and “too close for comfort,”

but rather are predisposed by the way people and machines are hard-wired to avoid collisions, particularly by anticipating when the velocity and trajectory patterns of neighboring bodies pose a clear and present danger.

In other wards, it is not how close price gets to violating a trend that sparks people into emotionally-charged action, but the perception that the speed of change of either an asset’s price or a related fundamental/macro variable is threatening to break trend or systemic function.

This is why we do not need to wait for breakouts to confirm our best signals – in fact those who wait for such events are lowering both their risk-adjusted and anxiety-adjusted returns.

To help you get in early with less risk and confusion, we observe Negative Gamma positioning of Market Dealers on Public Exchanges and identify situations when Dark Pool activity on unlisted venues (off-exchange) is showing large institutional buying, while public markets are diverging with heavy selling pressure.

By combining insights into these departures from reality, with a Crowd-Physics™ and Bottom-Down Analytics™ interpretation of high-potential market micro-structure states, we are not only:

exposing extreme reversion event risk from the perspectives of individual and cross-markets, volatility, and variance of volatility, before they occur, but

we are also revealing the hard lines and state transitions, separating “falling-knife” markets with "dead-cat bounces" from true market capitulation events, at the end of prolonged periods of crisis, that lead to V-bottoms and sustainable anti-fragile market recoveries with high price persistence and regularity in asymmetric volatility expansions, within longer-term secular trends.

The Bottom Line to Efrem’s Ongoing Research at Running Alpha is:

The events we perceive as ordinary every-day occurrences are born out of the background noise of prior crises and unusual market aberrations.

Thus, by focusing on the rare 1% outlier class, rather than eliminating it, the agenda is to gain clarity with fewer resources on the 99% of market pressures, influencing decision-makers each trading day!

This makes Running Alpha a unique solution for retail investors and institutional asset managers looking to reduce the cost of trading a smaller account, as well as servicing activist investors, leverage buy-out and short-seller firms, private equity and merger-arbitrage managers, and fortune 500 companies,

that want to consistently make the biggest impact in their asset allocation commitments and corporate buy-back and M&A strategies --

by applying the least amount of capital at the most time-relevant moments, just ahead of transitions from market regimes of extreme pessimism and extreme optimism;

and

then extracting hidden linkages among the perception biases of influential market players and decision-makers, which are analyzing data at different rates and over a wide range of time horizons.

After rigorously validating the research framework on a contemporaneous basis since 2006, for making successful market intelligence calls,

these relationships are also being applied as both a stand-alone and augmented solution for raising the predictive intelligence quotient of conventional risk management and financial crisis monitoring tools.

Many local and international parties who have explored use-cases for this technology, including those industry delegates and national risk lab(s), that have offered Efrem speakership invitations,

have been inspired by the way his framework is intrinsically designed for unifying our classical and quantum interpretation of macro and micro-market views,

for:

making apples to apples comparisons and sensing correlations among different assets within an otherwise intractably large universe of alternatives;

sensibly describing and predicting anomalies of different types ( price, volatility…), sizes, and times of occurrence,

offering an [ explanation as to why and how the market inefficiency ( creating the opportunity ) comes into existence in the first place, and why it is virtually impossible to be arbitraged away with evolving market pricing” ];

producing an analytic record and walk-forward risk-return structure that indicates that the empirical investment edge is “persistent, pervasive, and robust across all asset classes and market regimes;

ensuring that there are no logical inconsistencies in the alpha-signaling logic across different fractal viewing scales that have overlapping position holding time-lines;

going beyond exploiting a simple risk premium based on a systematic behavioral bias or intuitive economic rationale, but leverages a long-held deeply entrenched philosophical model paradigm blind-spot that exploits the inability of conventional decision-makers ( both human and machine ) from:

anticipating Known Unknowns — ambiguity over factoring in and determining the market impact of our own buying and selling decisions, especially others reactions over several iterations of asset price formation;

and

acknowledging Unknown Knowns — market players who naively dismiss that their actions can adversely work counter to their intentions;

Expanding on a few of the previous merits, unlike virtually every other classical trading system operating in today’s marketplace,

which is often accompanied by an overly-specialized rule-set of exceptions for:

accommodating anomalies and avoiding ambiguities in signaling logic; and

the resultant inconsistencies in forward expectations, when an asset is observed from different temporal viewing perspectives,

instead, our quantum-inspired protocol, that is powering our Momentum Perception Maps™, is elegantly generalizing relationships between different fractal viewing scales, for

ensuring that boundaries put around both future events, across a broad scope of time-scales and market climates, are logically congruent.

This gives us confidence that our competitive advantage can be trusted and sustained.

To help stay ahead of emerging challenges, and prepare for navigating the changing market landscape,

Running Alpha Trading Box™ unpacks findings that uncover a practical and actionable way forward, across multiple asset classes – including, equities, commodities, tech innovations, and inflation defensive securities.

Building out this foundation of wisdom, for more than 25 years, Efrem has been spearheading opportunities for cross fertilizing and broadening his core skills-sets in the areas of predictive and prescriptive analytics, data visualization, and data-mining,

through applying frontier innovations in quantum decision-theory and complex non-linear systems analysis of multi-particle interactions to the science of intelligent multi-agent swarm interactions in financial markets.

This gave Efrem the lens for quantitatively analyzing how large-scale connections among financial decision-makers can lead to broad-scale differences in their perception of economic and financial market behavior.

Knowledge of transitions in these emotional market state potentials, gives Running Alpha an extra edge at forecasting episodes of price/earnings compression -- when investors, who are feeling less certain about the future, are more likely to pay less for more earnings.

That is why Running Alpha has created an in-house tool – a Financial Weather Map ( aka MPM ) -- for visualizing a 360-degree view of how buyers and sellers feel about an asset’s pace of momentum change.

This is the tool Running Alpha used for successfully forecasting the infamous May 2006 Flash Crash, and alerting High-Net-Worth parties weeks in advance of -- when several groups of decision-makers crossed below a confluence of zero momentum isobars – different price levels in the future that are calibrated to correspond with constant levels of zero momentum -- much like having several gallons of water squeezed into a narrow hose; yielding high pressure movement and fast action.

For us, mathematizing a problem did not mean to measure and compute, but to reveal a hidden skeleton of conceptual relationships; for formulating the underlying idea in abstract mathematical language,

which we utilize inhouse in practical ways, for more efficiently crunching numbers and accurately sensing changing relationships among system parts.

With your Running Alpha Trading Box™ subscription, all of these insights get converted into simple calls-to-action, that even a 5th grader can understand and execute on,

without any prior knowledge of our underlying technology or strategy architecture.

We mathematically and algorithmically anchor the language of the market on multiple axes of change, for uniting the broad-spectrum momentum biases behind a trend with:

sentiment biases of smart and dumb money market players;

changes in trade positioning histories in public exchanges; and

smart money flows in unlisted dark pool venues and lit markets;

for adding meaning and sensibility to market movements on five fronts:

what sentiment biases are contributing to emerging secular mega-trends;

what levels investors should be focusing on for building high-impact positions;

how fast price gets to a destination;

when risk should be dialed up or dialed down; and

how long price will trend and/or stay near the interim and target objectives before reverting.

Behind the scenes of every actionable trading idea and outlier risk assessment delivered to Running Alpha Trading Box™ subscribers, you can be sure that Efrem's Tornado-Chasing principles and Running Alpha's Crowd-Physics Intelligence is playing a leading role.

We lever this technology inhouse to produce actionable market intelligence, for helping:

trend followers avoid choppy markets, while exploiting momentum crashes for competitive advantage;

investors navigate around value and growth traps, while mitigating or recovering quickly from tall-tailed risk events; and

short sellers and traders in general stay away and profit from both short-covering rallies and negative gamma squeezes in lit markets, set off by large smart real-money buying activity in dark market venues.

To be confident that your best alpha ideas will be heard by the market and get the reactions you expect,

that calls for an accurate read on future changes in the Sentiment Jetstream; and

that’s exactly what Running Alpha’s inhouse Financial Weather Maps ( aka, Momentum Perception Maps™ ) are designed for spotting.

What makes our intelligence service particularly unique is that while many are talking about past or current sentiment, few are making bold, high conviction calls on:

when the sentiment trade winds will be most vulnerable to suddenly changing their direction over very defined time windows, even in the presence of news-flow events that are supporting the prevailing trend.

Managing the uncertainty this brings is not simply an inherent feature of the market’s landscape; it’s the very landscape itself,

that gets translated into high-impact profit centers, that you can take to the bank.

You have two choices, but only one offers a clear competitive advantage – you can either hedge-for-a-cost or gain from an anxiety-adjusted profit™.

We choose the latter.

We do this by alerting Running Alpha Trading Box™ subscribers when to:

buy securities that will be reacting more strongly to positive news sentiment; and

avoid securities that will responding more notably to a negative news bias.

In other words, as Art Cashin would say, we try to buy securities that will be “climbing a wall of worry,” and sell securities that will be “descending a slope of hope.”

Behind the scenes, through utilizing insights into smart money flows, especially when unlisted markets will be catalyzing changes in trade positioning on public market exchanges,

Running Alpha is not only identifying the conditions that are giving rise to high-impact forecasting of future changes in price and volatility action,

across the most influential assets, that will move the performance needle relative to leading benchmarks securities and their own history, but is also

making a statement about where the next big congregation of retail and institutional traders will be huddling and concentrating their attention; and

it’s because we have actionable foresight on what corners of the marketplace their lizard brains will be tuning into next,

we can better assess when traders will start: flipping the script; and filtering out certain types of news-flow.

That is why negative news often gets ignored inside of our bullish opportunity windows, where the Sentiment Jet-Stream is set just right for influencing how information gets processed; and similarly

when market players will be discounting bad news, and in aggregate, interpreting the information that has already been priced in and absorbed by the marketplace.

So, keep in mind; when you read articles that state retail and/or professional investors are leaving or entering the marketplace, it is only telling you about what’s happened, not what’s next.

To see forward and gain a bigger piece of the alpha pie, we prefer traveling offroad in the areas yet explored, and then patiently waiting momentarily for others to join us on our alpha journey.

To this end, Efrem is not only dedicated to doing all the heavy lifting for helping Running Alpha Trading Box™ subscribers “battle for [their] investment survival,” and enhance their capacity for seeing and profiting from what the consensus cannot, but is also:

doing everything in his capacity for making sure that you are always among the smartest players in the room;

executing on the most resilient and logically-correct investment strategies and markets;

and

inspired and empowered for taking bold action on coherent ideas you can both trust and feel good about executing in any market climate, no matter what’s thrown at you.

Powered by an Anti-Fragile Research Framework, The Running Alpha Alpha Trading Box™

is inspired by the way nature encodes information on a quantum scale.

By rendering visibility of ultra-slow and hyper-changing states of complex non-linear financial market systems; and

scrutinizing subtle and not so subtle cross-market action-reaction feedback chains of emergent sentiment, momentum, and trade positioning biases,

Running Alpha is:

revealing hidden and anomalous imbalances between uninformed and smart real-money market players in dark and lit dark and lit markets; that are:

putting boundaries around future events, both in price and time; and

exposing the Panic Boxes™ and Opportunity Windows™, that are powering disruptive shifts in social mood -- underlying emergent mega trends in global financial markets --

telling you when to schedule your buying and selling activities, so that you can start:

avoid market noise; and capturing these most profitable moments of transformational change.

This will give you the confidence and comfort in building, trimming, and closing out positions at the right moments -- either by replacing assets with cash, alternative equity and/or a combination of ETF and commodity products, that are in the earlier innings of an extreme trend reversal.

By bringing the hot and cold emotional wiring of interacting human and machine observers into the decision-making equation, and calibrating forward with inter-market analysis of their broad-scale momentum perception biases and money flow imbalances,

instead of looking back at lagging indicators of price and volatility change,

we are taking a unique risk-first approach that is opening new ground in not only harnessing insights on the durability of featured assets to market shocks and news cycle disturbances,

but also, identifying opportunities that will gain from their existence.

To this end, instead of running away from uncertainty we are helping investors embrace disruption, volatility, and unstable system-wide market states, for competitive advantage in world capital markets.

Our Highest Impact Alpha Trading Boxes typically span from 50 to 80 days, and at times can extend beyond 2 to 3 months, upwards to 6 to 9+ months, given that this is a typical cycle duration of individual sources of risk in the post-crisis era.

Within these intervals, we inform traders when to start adjusting their position sizing and fine tuning their exits, by taking action by:

Dynamically trading around core positions; and

identifying whether the size of the prevailing outlier opportunity set, adjusted for the expected uncertainty and volatility, have sufficient potential to match up with fresh opportunity candidates of at least equal conviction.

This keeps Running Alpha Trading Box™ subscribers agile to changing market conditions, while maintaining position turnover at manageable levels, regardless of portfolio sizing, be it concentrated with 3 to 4 high-performing assets in smaller-sized retail accounts, or

diversified with 12-to-14 , 21-to-30, or even 40-to-50+ high-impact opportunities in institutional portfolios.

[Other than the standard Disclaimer and Terms of service below, there is no need for: getting bogged down with any of the technical terminology; or reading through the whole description.

You can use this as a strategic resource and reference guide to valuable nuggets of trading wisdom, after you become a premium member.

Our premium subscribers have found the strategy be uniquely differentiated from anything they have seen before.

We do all the heavy lifting by taking all of the behind-the scenes details, and distilling it down to simple-to-follow actionable instructions, that a 5th grader could understand and execute quickly on their mobile device or desktop.

So, you have no learning curve for using this premium service, and no need to understand the technical terminology to benefiting from it]

With this performance edge, the Running Alpha Trading Box™ are helping traders and investors at:

Getting Outside the Panic Box and Inside the Opportunity Window" with The Alpha Trading Box™,

so, you can start identifying when stock market transactions will be getting broadcasted and amplified through the marketplace; creating high-impact social activity -- igniting the Next Big Idea; and

Amplifying Your Edge by turning the Wrong Time and Bad Price of good trading ideas into Great Investment Opportunities at the Right Moments and the Right Prices.

Subscribe Now and Start Profiting from Disruptive Change and Seeing History Before it Happens!

See Financial Storm Events Before They Strike

We help investors embrace market uncertainty for profiting from tall-tailed alpha and financial storm ( crisis ) events with uncanny precision.

Our strategy framework incorporates investor interactions from the big bang of capitalism for mapping out entangled connections among emergent market player momentum perception biases to news sentiment and forward changes in price action.

Instead of seeing history as a fixed data point that gets extrapolated to fit an overly simplified model of how the world should work, we put the observer experience of how they feel about what's next into the investing equation;

making sense of inconspicuous and supernormal change,

through the lens of alternative histories, from the vantage points of an ever-expanding scaled-up number of investor group interactions -- of different sizes, perceiving change on different time-lines and investment horizons.

Even though the institutions, market technology, use of leverage, degree of financialization, and composition of market actors -- and where they hide out, continues to evolve,

there is one element that has never changed, namely:

the thinking frameworks that are constrained to binary logic,

which fail to organically address uncertainty as the landscape instead of the ambient noise and negative space.

Our investment philosophy is founded on:

seeing regularity as a diseased state; and

long-tailed uncertainty and volatility as the background radiation that serves as the power source of tomorrow's panics and manias.

By bringing the human and machine observer into the decision-making equation, instead of following classical principles; and

by not making the false assumption that the composition of market actors observing the trends of today are the same ones that created them,

our mission is to:

help investors raise their anxiety-adjusted returns™ (aka, Comfort-Adjusted Returns™) in all market environments; and

level the playing field between reported marketplace performance and realized individual investor returns.

Leaping beyond the failures of behavioral finance, Efrem founded Running Alpha for developing alternative performance measures, that add a new level of transparency into the Alpha drivers,

so that investors can be continuously engaged in building trust in their strategy's performance outcomes, instead of being spooked by uncertainty and wild market swings.

Among the many things we do at Running Alpha remarkably better than current-day best-practices are:

capturing sentiment regime changes and subtle market anomalies ahead of Momentum Crashes, Extreme Reversions, and Trend-Continuation Events; and

making it our business to utilizing our new scientific research framework for investigating the starting position of a company or asset; and its evolving market player sentiment states in dark and lit markets,

that will make our opportunity selections among next the highest-performing assets.

By ranking featured assets based on how antifragile their responses will be to the news cycle,

traders and investors can now seamlessly choose assets that will keep them from hitting the panic button and abandoning a strategy at just the wrong moment.

We do this by homing in on those assets, where news sentiment will have the highest potential for triggering the onset of feedback loops, that amplify the market impact to incoming positive and negative news sentiment.

By monitoring how favorably these select assets respond to the news cycle relative to lower ranked anti-fragile alternatives,

investors can stay engaged between monthly and quarterly reporting intervals,

with many statistically significant data points, that will enable investors to build trust in the alpha input drivers,

instead of simply gaining a false confidence in a few data point outputs that only express the outcome of a decision,

without informing you of whether it was dumb luck that put the investor in the right starting place or market regime.

The Bottom Line to Efrem’s Ongoing Research is:

The events we perceive as ordinary every-day occurrences are born out of the background noise of prior crises and unusual market aberrations.

Thus, by focusing on the rare 1% outlier class, rather than eliminating it, the agenda is to gain clarity on the 99% of market pressures that influence decision-makers each trading day!

Running Alpha is not only capturing epic opportunities for investors to capitalize on,

but is extracting these insights from proprietary predictive analytics,

that is unlike virtually every other classical trading system operating in today’s markets,

which requires an over-specialized rule-set of exceptions for accommodating anomalies and avoiding ambiguities in signaling logic; and

the resultant inconsistencies in forward expectations, when an asset is observed from different temporal viewing perspectives.

Instead, our quantum-inspired algorithm, that is powering our Momentum Perception Maps™, is elegantly generalizing relationships between different fractal viewing scales, for

ensuring that boundaries put around future events, and across a broad spectrum of time-scales and market climates, are logically congruent.

This gives us confidence that our competitive advantage can be trusted and sustained.

With this foresight, Running Alpha translates and distills its findings into actionable investing market intelligence, that

enables an individual retail investor or veteran fund or corporate manager to make clear asset allocation choices in the face of disruptive uncertainty,

particularly in those special-situations where specific industries are undergoing extreme transformation at the edge of change.

Running Alpha continues to invest in holistic macro-market and cross-asset content for converting the world's biggest risk flares into:

The World's Most Actionable Opportunities Inside

The World’s Thinnest Uncertainty Windows™;

content that is providing our audiences actionable intelligence for benefiting from the complex developments in global markets and the implications on institutions, investors, and individuals.

By identifying the unfolding market themes, narratives, and positioning trends on both dark and lit markets, inside these windows,

we are empowering our premium subscribers with foresights, for making smart tactical and strategic investment decisions, with greater conviction, less anxiety, and shorter position-level risk exposure intervals.

Knowing how the market is positioning within the context of current and emerging sentiment trends:

ensures that new trading opportunities, ready to be executed, are not crowded out; and

tells us when the market consensus has priced in our views.

The glue that makes this framework possible is its capacity for re-imagining anomalous situations that have never been experienced before,

regardless of how far back or how far forward one looks for clues into the historical record or imagined future.

This is important, because so much of the total historical and evolving data set created for a given asset has a shallow history relative to the big bang of its respective industry, and what’s possible in the future.

Although new generations of machine learnings algos have gotten smarter at overcoming these limitations, and generating new data variations from existing data stores,

they lack any accountability for whether the data matches the shape of future possibilities that could be envisioned by a set of algebraic axioms,

for ensuring the lack of ambiguity in associations among inputs and outputs, across a broad-spectrum of scales.

Consequently, this raises the possibility for holding more than one belief at a time in a decision-making setting; and is particularly perilous for investors and traders, that get paid for making decisions.

This calls for a more fundamental approach, founded on mathematical physics.

[In practice, creating a mathematical theory, can be thought of as being like setting the rules of a game, such as chess,

in which the names, shapes and roles of the pieces are purely a matter of convention.]

Just as someone can begin with the rules of play and a given configuration of the board, and arrive at a prediction of ‘checkmate in “n” moves’,

a mathematical physics framework can start from axioms and go through a sequence of logical steps to prove the truth of a theorem, without getting constrained by what reality it represents.

For us, mathematizing a problem did not mean to measure and compute, but to reveal a hidden skeleton of conceptual relationships; for formulating the underlying idea in abstract mathematical language,

which we utilize inhouse for more efficiently crunching numbers and accurately sensing changing relationships among system parts.

All these insights get converted into calls-to-action, that even a 5th grader can understand and execute on,

without any prior knowledge of our underlying technology or strategy architecture.

The reason why Efrem takes it so seriously thinking about the limits (range of questions) of what a mathematical language, built on a set of axioms can represent, answer, and rule out, when different operations are applied, is that:

99.9% of AI developers and self-generative algorithms take for granted, without admitting, that:

although they are creating the foundations of the work they perform later, they do not account for the possibility that:

all the math and technology that gets developed to advance us to where we are today, vary from the alternative foundational axioms that could have been chosen; and that

can change everything about what the mathematical framework can and cannot tell us.

In other words, what can be proven as impossible today with one set of axioms does not necessarily mean that these very statements cannot be falsified and treated as algebraic truths in an alternate universe, where a different set of axioms mathematize the problem’s solution set.

Thinking outside our current mathematical framework, we got far too accustomed and blindsided to seeing our prevailing algebraic language as a universal fact checker of mathematical solution sets.

This inspired Efrem to think of a world that is much broader than anything he could possibly experience in a life time -- regardless of how large the data sets or how long one survives the trials and tribulations of history.

So, Efrem sees the measure of true super-human intelligence as being able to construct new forms of math for finding solutions that are out of reach of human cognition and previous strategy frameworks.

Unlike Classical two-state (on/off) computing logic, which is inherently constrained for seeing outliers as surprise events;

instead, our technology accounts for market as emergent systems, which cannot be anchored to a specific history of patterns and human observable experiences, no matter how deep into the ancient past a human and/or machine chooses to look.

By introducing mixed states into the systematic rules-based logic of the investment operating system,

We get a quantum logic machine,

where something can be true and false at several different scales of observation, all at the same time;

yet when combined in a non-linear combination, the output produced is a single result that is unique from the perspectives of any individual observable scale,

that gives Running Alpha the capability of not only capturing supernormal opportunities for investors, but

a built-in mechanism for amplifying the mathematical advantage,

as the emergent and evolving financial market system gets ever more complex –

when disruptive technologies and new categories of economic actors and financial market agents get attracted to it.

This strategic advantage does not exist in classical strategies, who's mathematical edge drops off exponentially,

as more competition among market participants both increase the complexity and neutralizes the alpha of prevailing classical strategies,

no matter how sophisticated they are, and no matter how broad their classical data sources become.

They are simply built on the wrong logic for making sense of today’s financial chaos and global market complexity.

To circumvent this logic constraint, Running Alpha is levering quantum uncertainty for competitive advantage by creating a new class of arbitrage ( aka, Uncertainty Arbitrage or Perception Arbitrage) that is both:

exploiting and solving for the fundamental mismatch between markets that are fundamental producers of uncertainty and legacy investing platforms, that are designed to running away from it to mitigate volatility at almost any cost.

To do so, we constructed an Artificial Meta-Intelligence, surpassing human capacity for compressing large volumes of sparse data sources into small data;

harnessing complexity for competitive advantage and making sense of abstract data and emerging global trends.

Our Portfolio Coverage Universe

Our Featured Portfolio of actionable best-in-class opportunities are incrementally and dynamically selected from our coverage universe of over 20,000 North American and international securities, with particular opportunistic and tactical focus on U.S. equities, ETFs, commodities, hard assets, and cryptocurrencies/blockchain/digital assets.

Running Alpha’s coverage of real-asset categories was selected to help investors future-ready their portfolios, and capitalize on emerging megatrends shaping our national and global economies.

One theme that stands out at the center of our high-conviction universe is that Energy, Data, Semiconductors, and Industrial Chemicals, Strategic Metals, and Agricultural Minerals will be the staples of the next decade;

accelerating high-performance computing for democratizing access to AI Applications and Digital Infrastructure-as-a-Service, in Energy Grid Management and Storage, Digital Payment Smart Logistic Networks, Mobility and Communications Systems at global scale, across developed and emerging economies.

We trust that shareholders will benefit by focusing on the ecosystems surrounding companies operating in these market niches ( and their inputs of production ), specifically those that are digitally transforming production facilities and control systems, as well as amplifying operational efficiencies at industrial and consumer scale, for:

Driving productivity and Performance gains, and creating extraordinary content and communication channels that are monetizing their assets and services.

Other areas of coverage include:

Agricultural Food Products, Farmland, Ranch-land, Timberland, Industrial Warehousing Real-Estate for accommodating exponential growth of e-Commerce activity; and

Strategic Metals and Minerals and Precious Elements of National and Corporate Interest:

Physical Silver, Platinum, Palladium, Lithium, Nickel, Cobalt, Graphite, Aluminum, Manganese, Vanadium, Rhodium, and other Rare Earth Metals,

for diversifying monetary and strategic reserves, and increasing supply-chain resiliency, in support of:

Food, Transport, and Health Security; Hybrid Energy Solutions; Electrification; Semiconductor-Powered Industrial Control, Automation of Factory Production and Consumer/Personal/Medical/Automotive Services, and Communications; and

Alternative Energy Solutions for Pollution Management, Uninterrupted Reusable Power, Utility-Scale Distributed Grid Storage, and Infrastructure Distribution – from:

Modular Reactors, Uranium, Solar, Green and Liquid Energy Hydrogen, to High Density Battery Materials, Solid State Lithium Batteries – Lithium Iron Phosphate, Lithium-Sulfur Supercapacitors, Fuel Cells, Flow Batteries and Open Batteries, Hydro, Wind, Biofuels, and Auto-Catalysts for Cleaner Emissions of Fossil Fuels.

(Solid State Lithium Batteries – Lithium Iron Phosphate, Lithium-Sulfur Supercapacitors)

These market narratives will power the growth of transformational technologies from:

Robotic Process Automation ( RPA ), Space Applications, and Cybersecurity at the Network’s Edge, Specialized Analog and Digital Signal Processing Chips and Optical Technology for accelerating high-performance computing for democratizing access to AI-Powered Hybrid-Cloud Applications and Digital Infrastructure-as-a-Service in Digital Payment Technologies, Mobility and Communications Systems at global scale, across developed and emerging economies;

Automotive applications in Industrial Power Control, Robotic Vision, Advanced Driver-Assistance Systems, LiDAR ( Light Detection and Ranging ), Photonics for 3D Sensing Systems, Connected Secure Components in Autonomous Vehicles, 5G Edge-Computing, and Field Programmable Chips-- that modify their internal hardware logic / architecture based on what it is learning about its environment to

Medical Devices, Genomic Analysis Platforms, and Cloud-based e-Health Management and Educational Services.

On balance, we filter our investment opportunities to those that have at least a 3-to-1 pay off, for generating in the order of 15% to 25%, upwards to 35% non-leveraged gains on investment campaigns, which are typically 30 to 80 days upwards of 6 to 9 + months; and

Deliver actionable foresights for trading around core positions as well.

Favorable price gaps after entries are frequently 5% to 10% or more on a given day -- so short term traders can take advantage of these swings within the investment interval.

It is not uncommon, particularly in highly volatile and fast market environments, like we find ourselves today, that we participate in a few longer-term investment campaigns, with much higher gains, in some cases well above 70% (simply on the long side with no leverage ) over a 12-month basis.

In all market climates, the win rate is unusually high ( above 80% to over 90% ) on a position level basis, and even higher on a portfolio basis, regardless of the portfolio sizes above 3, and up to 200+.

With over 3000 highly liquid equities, ETFs, and commodity assets we monitor in just our non-global coverage universe, we are virtually never at a loss for a steady pipeline of high-performing assets, that can move the performance needle in any market climate.

What’s even more unusual about the investing framework is that it does not require the use of complicated strategies, other than simply buying and selling a unique subset of equities that do well in bull and bear markets, even when leverage is not applied.

Trading Market Intelligence Performance Traction:

Running Alpha has captured many highly profitable trades this year for its subscribers; here are a few:

"an Unexpected Bullish Reversal in the S&P;

a Surprise Move Up in the Semiconductor Index; and

a Very Surprising Melt-Up in the Precious Metals Sector."

Here are the Performance Highlights of 2022 Global Market Intelligence

2022 was one for the record books, where:

We gave early warning about the historic bond market crash,

the relentless rally in Mortgage Rates, and

the unusual acceleration and stickiness of inflation and inflation expectations, and the lack of control central banks to putting the inflation genie back in the bottle.

We were not only early and right about the breakout and broadening of geopolitical conflicts and war igniting in 2022 based on our unique leading indicators of global money and commodity flows,

but, also the precise timing ( to the starting and retreating interval ) of the historic spike in Natural Gas and Electricity prices in Europe.

We were spot on regarding the manic buying in energy stocks and agricultural commodities, right as we were leading up to the start of the Russian invasion of Ukraine.

We were right about the corners of the marketplace that would experience extreme volatility shocks, as well as the opportunities for harnessing the power of our proprietary Bottom-Down Intelligence platform for identifying, with high-conviction,

precisely when market activity of the smartest institutions on unlisted (Dark Pool) Liquidity venues will be forcing the hand of listed (Lit) markets, that everyone else participates in.

We successfully applied this intelligence for correctly informing our premium subscribers of impending “momentum crashes”– those special moments in time and price, where some of the poorest performing securities and markets would become the best performers in the following interval.

As an example, on late January 2022, moments before the war broke out, Efrem was a special guest on a private webinar to High-Net-Worth Investors and Portfolio Clients of a Bay Street market intelligence firm -- Strategic Analysis Corporation (SAC), founded by Ross Healy, Chairman, who also serves as a regular featured Market Call expert on Bloomberg BNN Television.

On the webinar, Efrem issued a high priority Red-Alert back in January on imminent inflationary pressures, which also featured Geopolitical Escalation Alerts to our premium subscribers before the Russian-Ukraine war erupted –

indicating that grains, corn, soybean prices – GCC and GNR, and DBA would surge, along with a Massive Historic Spike in Natural Gas prices into double digit territory – and

then went on to pinpoint the opportunity window in the best-in-class equities in the Energy space that would benefit the most from the anticipated disruption in supplies, and the rest is history now with the inflation genie out of the bottle.

We also:

Generated market calls ahead and during the 2007-2008 market crisis that were significantly more accurate, bold and timely in both initiation and exit:

· Compared to performance ratings of over 3000 equity analysts at 432 leading firms, followed by Bloomberg Magazine, Aug 2008; also outperformed security selection of banks that were listed in Bloomberg’s 2011 Risk Report.

· Successfully assisted a Merchant Banking Firm and alerted several High Net-Worth Individuals, including a leading Canadian venture capitalist; a serial technology angel investor, and multi-billion-dollar hedge fund manager, from assuming Market Risk prior to Running Alpha’s accurate New York City and Toronto Road-trip crash alert of the 2007 & 2008 crisis;

· Warned Senior directors and traders at Bear Stearns of looming crisis and told their workers to find new jobs, while stock was still near $100.00.

· Addressed a leading Toronto-based Value-Investing group that is among a market call feature favorite on Bloomberg Business News Network,

Efrem on behalf of Running Alpha, correctly made the high-conviction case of surging Energy, Natural Gas, and Agricultural Commodity price inflation, with uncanny timing of its magnitude and persistence,

ahead of the breaking news on the Ukraine Crisis. Efrem also successfully alerted the firm with high specificity of an impending $1000 point prolonged sell off from Gold’s 2011 highs during the European Crisis,

when virtually all on Wall Street and Bay Street had only general outlooks with relatively bullish targets.

·Research Framework originally generated advance alerts on an Investment Roadshow Presentation in Toronto and New York of an impending volatility storm threat, with specificity more than 3.5 years ahead of the Great Financial Crisis event, & to within 3 days of the specific markets melting down – with over 3 months lead time.

· Correctly warned of toxic volatility several weeks in advance of the May 6th, 2010 intraday Flash Crash, & made early notice of its absolute magnitude and speed, and the V-bottom rebound that followed.

Running Alpha’s Research Intelligence showed similar foresight ahead of the Pandemic, Housing Crash, Dot-Com Bubble, 1997 Asian Crisis.

The strategy framework was stress-tested going back up to 400 years, covering 82 spectacular crisis situations, including:

the 1987 Stock Crash; 1970s inflation; 1930s Depression, 1929 and 1921 Market Crash; the 1800’s banking panics; the South Sea Bubble and the Holland Tulip Mania; and subsequent recoveries across world capital markets.

Also, more recently, when many analysts, before year-end 2022, were underestimating the amount of money that would flow into semiconductors, hoping to wait out for valuations to get as cheap as they have been in previous market troughs,

Running Alpha’s market maps were telling investors to be as aggressive as they can; and

since we were on the public record on New Year’s Eve. 2022, with over 2630 members subscribed to our Financial Storm Chaser newsletter, many which are some of the most sophisticated global asset managers and quant traders at big institutions and ivy league academic thinktanks,

the strategy has, on-balance, displayed over 40% gains without leverage in semiconductor ETFs alone;

with much higher performance in individual companies, all of which were selected outperformed their benchmark on average, particularly when accounting for active trading around core positions;

at which point, some analysts finally called in the towel on their bearish outlooks and did an about face – not once,

but on an industry-wide basis, as they frequently get caught up in either entering too late or getting in too early with too much exposure to underperforming equity assets.

This is not a one-off event; in addition to capturing every notable bull and bear market panic wave, and secular recovery and mania in the current century,

we have also recently been gaining industry traction, with not only our successful market calls and line-up of requests for feature interviews on live streaming television and digital press, but with also a very large professional following, now approaching 27,000 strong on the founder’s LinkedIn digital rolodex,

including prominent tech innovators and serial entrepreneurs, quantum computing specialists, astrophysicists, award-winning film directors and authors, economists, financial news and geo-political anchors and award-winning media correspondents to high offices.

This investment intelligence and thought-leadership was amplified after

successfully making a series of high-conviction bullish market calls on September 30th, 2022, and reiterating them in finer detail on Oct 6th, regarding an abrupt and anomalous shift of historic market-wide bullish sentiment on and after Oct 13th, 2022,

that would catch many investors – both novice and veteran -- by surprise, given both:

the increasing consensus expectations for an economic hard landing and an accelerated market meltdown, premised on the broadscale markers of an unprecedented inversion in the treasury yield-curve; and

the disbelief that the Oct 12th low would be one of the highest valuation troughs in history, at 17X earnings.

Efrem specifically alerting his clients of an imminent and remarkable set of turnaround events in beaten down sectors, industries, and niche segments.

Building on Running Alpha's traction of nailing the date and price levels of the stealth bull market in equities, that started in October 2022,

many retail and professional traders alike are questioning whether the rally can continue in the key benchmark equity indices in 2023.

Find out now, so you can get positioned, along with your emotional capital, ahead of the next big move.

More specifically, our investing research framework correctly called all 23 watershed turnaround moments in North American and Global Equity Markets, between 2011 and 2022; and now once again it is signaling imminent unprecedented change, including

the volatility that started increasingly gripping the capital markets from around the time of the global trade conflicts late last decade,

to our current post-pandemic re-opening era and supply-chain, energy and food security crisis ( and that’s not including our similar success in other asset classes);

In the 6 days leading up to the Oct. 13th and Oct. 21st turnaround, and the 3 days leading up to the mid July 2022 turnaround,

as well as the May 20th and Jan 28th 2022 price surge, Running Alpha accurately alerted investors of pivotal outlier trend changes, with at least 3 days lead time.

Here are 23 recent major money-flow calls made successfully by Running Alpha:

Nov 18th/23rd/25th/2011

Jan 8th/13th/15th/21st/25th/27thand Feb 10th/11th 2016

Nov 4th/9th/16th 2016

Mar 23rd/April 2nd 2018

Nov 2nd/2018

Dec 26th 2018

Dec 28th/29th and Jan 2nd2019

May 31st2019

Aug 14th 2019

Mar 3rd/6th/25th and April 1st/7th/8th/14th/17th/21st/23rd/30th2020

Oct 28th/2020 and Dec 11th/17th2020

Sept 30th and Oct 5th/13th2021

Dec 3rd/2021

Jan 25th/26th/27th/28th2022

March 11th/14th/15th 2022

May 13th / 16th /20th 2022 – to be announced to clients with premium subscriptions

June 14th

July 14th

Oct 13th/21st

Nov 3rd

Nov 22nd

Nov 29th after-hours / 30th day-session

Jan 6th, 19th, 25th/2023

Spring and Summer 2023 – Discover what’s next with an Alpha Trading Box Premium Subscription

In each of these instances, Running Alpha detected stealth money flows by big institutions in non-listed liquidity pools; and is now once again signaling unprecedented change for 2023.

Consistently and Correctly at odds with the consensus, Running Alpha has also delivered similar foresight in its performance stress-tests,

across over 82 instances, over a 100-year interval of global bullish and bearish modern market history; covering periods of extreme crisis and instability, to more tranquil range-bound and noisy markets.

Investing Strategy Performance Highlights and Industry Stats:

Reliably assessing turning points in asset values, investor sentiment, and pertinent global-macro variables, with >80% and up to over 90% accuracy ( on signal confirmations), is made possible by marrying insights of individual and cross-asset momentum perception structures in time and price, with observation of the Sentiment Jetstream, corresponding to the Momentum Perception Mapping of these leading indicators. More on that terminology under the technology solution header.

Here are some facts to consider before investing without this trio of predictive market intelligence.

Macro-Market pressures account for up to 75% of the changes in stock returns; yet fundamental investing using balance sheet and cash-flow earnings models occupy the collective mindshare.

Compounding this mismatch, are momentum perception biases of virtually every investor type in existence today, both human and machine, which in our estimation drive over 90% of the asset price tail-risk impacts from macro events.

Moreover, according J.P Morgan, up to 80% of investing is controlled by machines;

with passive investments such as index funds and exchange-traded funds accounting for the lion’s share (~60% ) of equity assets, while

quantitative funds, those which relying on automated trend-following models instead of fundamental research from humans, making up 20% of the market share.

With so much of stock buying and selling now is out of the hands of humans, the market is increasingly sensitive to headlines and more prone to sharp and often unmanageable swings.

The problem is "not whether passive investing (buy and hold) works in theory; it does not work on average in practice," because people who make investment decisions, and the people who use machines relying on ground-based risk intelligence, do not have the fortitude to resist media chatter and market noise ( i.e., data exhaust -- redundant data and statistical information mirages ), especially during periods of elevated uncertainty.

For these reasons alone, it is not too hard to come to terms with the unfortunate statistic that only 35% of portfolio managers, who get paid for making decisions on behalf of investors, beat their performance benchmarks.

85% of actively managed large-cap funds underperformed S&P 500. In fact, a minuscule 5% of large-cap US funds have outperformed the S&P 500 over the past 20 years through June 2022, according to the S&P data.

Even in stock pickers’ best years, over half of them still lost.

Declines of 10%-20% have happened 29 times since 1946, about once in 2.5 years

Declines of 20%-40% have happened nine times -- about once in 8.5 years; and

Declines of 40%+ have happened three times on average -- once in 25 years.

If you missed the S&P 500′s 10 best days in each decade, total returns would be near 90%, significantly below the approx. 15,000% return for investors who held steady through the downturns.

The interesting thing is that these biggest up moves often occur after the biggest sell-offs, so it is important to have a systematic way for:

Buying into Pessimism and Selling into Optimism.

In this period, the average length of a bear market is 289 days, or about 9.6 months. That's significantly shorter than the average length of a bull market, which is 991 days or 2.7 years.

40% of the return in a bull market is squeezed on average into 1% (the 10 best days) of a bull market’s duration, which is 991 days (2.7 years).

Stocks lose 36% on average in a bear market. By contrast, stocks gain 114% on average during a bull market. So, it is more profitable trading bull markets passively, but actively trading around core positions in bear markets with higher volatility, offers a higher total return.

That is why we choose to apply our trio of predictive intelligence for invest in extreme reversion events, which have a more defined and measured pathway; offering a faster alpha capture cycle and more frequent opportunities for benefiting from periods of volatility expansion by trading around core positions at strategic price points and time windows and using it as your alpha performance edge.

Since mid October, Running Alpha’s research intelligence has already correctly called all six of these outlier market anomalies to date, giving early notice just before any trend emerged – the most recent being the remarkable upside reversal on Nov 29th after-hours / 30th and Jan 6th 2023 day-sessions for technology stocks and the broad global market indices.

Making things even more challenging, especially for the retail investor is that over 68% of stocks tend to go down in a bull market, with as many as 95% of front-line assets falling in a bear market.

Imagine if you could shrink your risk window by zeroing in on investing in just the right corners of the market, just ahead of the best days of each year.

Running Alpha is dedicated to alerting premium subscribers to the coordinates of these actionable opportunity windows.

Data records show that retail investors activity increases when markets are falling, often leading to buying into ‘bull traps,” at those times when volatility is generally higher.

So, unless you have an extreme mathematical edge for overcoming a poor first step into the market, at a time when volatility is expanding, to get your trade-sizing and positioning right, you will need to determine if volatility will continue expanding or start contracting;

and if your strategy involves: managing uncertainty; hedging against market risks; or levering bets on the direction of asset prices, then

knowledge of changes in asset price volatility and optimal expiration dates, that match with the expected duration of the opportunity window, will be even more important.

That is precisely why Running Alpha makes it a high priority to ensure that our actionable alerts and insights are only delivered to you when they are happening inside of a persistent interval of special market states;

specifically, those, where we can apply the fundamental properties of quantum systems for anticipating a powerful asymmetric opportunity advantage –

where the volatility scale to the upside is measurably larger than the downside by several orders of magnitude.

When this edge is combined with our strategy’s, exceptionally high hit rate ( >90% ), we are better positioned for helping you overcome account drawdown, particularly during periods when volatility is rising and highly variable.

This strategy also gives us a clear advantage of knowing when to buy into the extreme boundaries, of a volatility expansion, not just because price is moving lower;

But, because volatility changes faster than price, and volatility of volatility changes faster than volatility, particularly in fast moving down markets, where risk averse younger retail investors participate,

it is highly beneficial to have leading indicators that tells you when and for how long these relationships will be reversing.

At Running Alpha, we have several, that we use inhouse, for making informed decisions about when to turn your shopping cart of investing and trading ideas into actionable opportunities that can start raising your anxiety-adjusted returns.

We close the gap between perception and reality by coming to the realization that:

It’s decisions that drive price action; so why, after over 100 years of market observation, are virtually all market-players and technicians still following cycles in asset prices --

which are nothing more than outputs of millions of decision-maker orders coming together as a result of initial decisions and long-memory and short-range feedback processes ) --

for calculating changes in fundamental and macro-market variables,

instead of analyzing momentum cycles in the perception biases of decision-makers, which are the inputs of the price formation process, that only subsequently gets converted, by the orderbook’s function, into what really matters –

the actualized future price action that has a material impact on the most watched fundamental metrics.

With passive investments such as index funds and exchange-traded funds eating everyone else’s lunch, and accounting for the lion’s share (~60% ) of equity assets;

so much of stock buying and selling is now out of the hands of humans, with

the market increasingly sensitive to headlines, and more prone to sharp and often unmanageable swings.

The problem is "not whether passive investing ( buy and hold ) works in theory; it does not work on average in practice," because:

the people who are making investment decisions, and humans who are relying on machines for generating ground-based risk intelligence,

do not have the fortitude to resist media chatter and market noise ( i.e., data exhaust -- redundant data and statistical information mirages ), especially during periods of elevated uncertainty.

For these reasons alone, it’s not too hard to see why only 35% of portfolio managers, who get paid for making decisions on behalf of investors, beat their performance benchmarks.

85% of actively managed large-cap funds underperformed the S&P 500.

In fact, a minuscule 5% of large-cap US funds have outperformed the S&P 500 over the past 20 years through June 2022, according to the S&P data.

Even in stock pickers’ best years, over half of them still lost.

It is even worse when it comes to passive thematic index funds and ETFs, that are mostly copycats, living within the confines of negative space; and

suffering from low active share ( unique holdings relative to industry peers and benchmarks ), poor tracking error, strategy drift, and low liquidity.

These index funds could be easily replicated with simple concentrated stock portfolios, given the all-too-common disproportionate weighting of a few assets, which at times can be unacceptably high, in the order of 20% or more.

At Running Alpha, by levering uncertainty, something that is usually seen as a headwind, for competitive advantage, we’re changing the way investors can “see the rip tide and undercurrents unfold in the market waters which they swim; unveiling the back stories virtually nobody is paying attention to.”

And by doing so, we’re transforming the way:

Index funds and ETF providers can start optimizing large active and passive institutional portfolios of thousands of assets, by building customized investment buckets that can generate financial returns, superior to traditional portfolios with significantly fewer groups of assets; and

investors, just like you, can build trust in our outcomes, without being prematurely derailed by emotional biases and incomplete or distorted perceptions of the world around us.

Our personal development as a trader or investor requires each of us to begin our journey to mastery, by stepping out from the background of negative space and becoming the focus - the actual subject - of our own painting;

no longer content to be restrained in conformity, to misaligned constructs of industry consensus and so-called best-practices of societal conditioning, that has been defining our borders since the big bang of capitalism.

If you are ready to come alive, and live your authentic expression, for seeking the truth in today’s financial markets;

following its path of least resistance and “positioning your wants in terms of what the market is trying to tell you; and

developing sufficient internal strength to withstand the external pressures of buying into the negative space around you,

instead of constantly interfering with the market’s message; and aligning yourself with those pushing the can down the road,

as virtually every central banker and national government has been doing in a race to print money, since the Great Financial Crisis erupted then,

the Alpha Trading Box™ is for You.

That’s because,

Running Alpha is the only buy-side capital markets intelligence firm in the world helping investors exploit the biggest bubble on Wall Street, Bay Street, and Main Street, and its not what you think;

it's not isolated to a single asset, marketplace, trading tactic, or market player;

We are talking about the classical compute or logic bubble, upon which virtually everything and all our decisions in the marketplace and every aspect of life are artificially based.

What sets Running Alpha apart and makes us one of the only truly independent and contrarian voices for all demographics and geographic borders, regardless of your investment experience,

is our ability for levering both our founder's:

heritage in patented AI-powered tornado-chasing technology –

for precision-sensing and strategically telegraphing tail-risk scenarios across a universal range of mission-critical market verticals; and

100,000 real-life hours of trading market analytics experience in applying novel quantum compute-inspired logic for,

Creating a unified weather map of the marketplace, for each asset, that is:

putting price, volatility, sentiment, and momentum boundaries around future events;

and

giving early warning alert of emergent super-normal outlier trends and sudden market regime shifts –

that have either never been experienced before or have no known past analogue; thereby:

offering foresight of precisely when complex non-linear feedback among market variables, across broad-scale time-lines, on three axes of change -- from trade positioning to sentiment bias and momentum –

will come together at just the right moments and valuation levels on both listed public exchanges and unlisted dark liquidity private venues,

to inform us when smart money flows and asset-correlation breakdowns will start:

unleashing gamma squeezes, short-covering rallies, and value traps;

sparking risk flares and opportunity windows, ranging from global-macro volatility storm eruptions to sunny market skies following prolonged system-wide shocks.

Most importantly, our investment edge is both scalable and sustainable in all marketplace settings,

as we are exclusively focused on providing insights that assist investors in taking the other side of high-conviction trade positioning histories, particularly those that are governed by classical logic,

which, as you will learn, are not well suited for seeing how the market dominoes will be falling and percolating among billions of interacting and entangled market agents -

human and machine algos, flexing their decision-making muscles, across different asset categories, term structures, trading venues, and time-lines.

If you have ever seen a domino toppling competition, where the dominoes are stacked in such a way as to maximize their toppling effect, It’s very impressive.

Each time delay and sequence have to be precisely mapped out.

Knowing ahead of time which direction the financial dominoes across a broad range of market sectors are going to be toppling is precisely what our game-changing technology Momentum Perception Map™ can define.

Instead of exploiting knowledge of the spatial separation of physical domino trails, what allows this kind of analysis in the stock market is the inherent time delays of momentum perceptions of broad-scale market participants, and

the corresponding time-lapse for building up positions that scale with the size of the market player’s assets under management (AuM).

Identifying situations when not only prices will be erupting into volatile and fast markets, but also knowing when the quality and sources of risk, underlying price action, are changing as the trade unfolds is what our market intelligence insights is all about.

This is critically important, because if the sources of the risk are not matched with the alpha opportunity generator, the rationale and thesis behind taking on the trade or investment will start breaking down.

So, this serves to inform you as to when you should start pre-empting your investment, and moving on to other opportunities with a more robust mathematical edge.

This will help you know when a weakening trend ends and a new dominant trend emerges, particularly from the perspective of extreme reversion events.

This is a non-subjective exercise; a lesson that is of the utmost relevance for every investor, trader, citizen, and policymaker.

By combining CrowdPhysics™, Bottom-Down Analytics™– the non-linear dynamics of complex interacting human and machine decision-makers -- with Quantum-Gaming Strategies and Swarm Intelligence, we have an unmatched advantage at:

predicting history before it happens, under conditions of wicked uncertainty;

exposing the hard lines-in-the-sand in the global movement of people, capital, resources, and ideas, that separate ordinary market outcomes from special entangled macro-market and micro-structure states, which seed the emergence of:

capital market bubbles, financialized asset meltdowns; currency crashes; liquidity freezes, sovereign debt crises; corporate insolvencies; and geopolitical events;

Finding and creating opportunities from these crisis events and better understanding the expanding variety and size of high-impact market outliers – Dragon-Kings.

Through exposing emerging opportunities, intermarket movements, we are illuminating the stories behind the scenes of the world’s most unstable and hidden market regimes at watershed moments in history;

adding context, meaning and sensibility to tensions arising from the challenges of monetary, fiscal, and technological innovation, infrastructure development, critical mineral and transportation supply-chain resilience, and energy security;

whether it was:

the lack of investment in critical materials, technology, and transportation infrastructure that led to multiple single points of failure in critical supply-chains;

the excess synchronized easy money policies, onshoring of labor in higher wage economies, misallocation of capital in financialized asset engineering products in an overvalued and over-levered market environment, instead of capital investment in business operations and production, that:

triggered critical supply-chain disruptions and market imbalances of critical resources and commodity materials needed for production and to fuel the growth for offsetting the nominal rise in the value of productive inputs, good and services; and

that led to inflationary pressures and subsequent currency panics and interest rate spikes and sovereign debt crises from monetary and fiscal wavering between tight-money and easy money policy responses.

To this end, Our Crowd-Physics™ protocol offers a vital examination of our present and the future capacity for change; and under what market conditions we can even play an active role in creating it.

Efrem digitally traverses the global markets using proprietary Crowd-Physics™ insights; uncovering the architecture of connected human and machine perception biases, that put boundaries around future events and delineate the anatomy of these critical market divides – hard lines in the sand.

We trust that by augmenting our trading market and global-macro intelligence, organizations and policymakers can better re-imagine how their misfortunes can be prevented going forward, and when and how knowledge of these boundary conditions can help preserve market stability rather than seed further conflict.

Our Mission is …

Augmenting Your Decision-Making; and

Expanding Your Coverage of High-Impact Investment Opportunities,

while accessing the most actionable and insightful data intelligence on the most change-making moments;

moments that are not only capturing live real-money trends, high-conviction industry themes, emerging technologies, and macro-market narratives,

but are moving the performance needle many orders of magnitude, on even the most modest portfolios over targeted and clearly defined time windows.

Inside the “World’s Thinnest Uncertainty Windows™," where we can be most confident of sustained market action,

we are not only identifying the best ideas flying well below the radar and targeting the longest and most sustainable runways for growth at discounted prices;

We are also Your New Timepiece that is Designed for Keeping You on Time, and Getting You to Your Destination Faster in 2023 and beyond.

Our dynamically featured investment selections provide a unique perspective on global-macro narratives shaping the world economy.

Our objective is to give you the intelligence you need for protecting not only your inter-generational wealth and purchasing power,

but your most precious asset – your emotional capital.

With that in mind, we are focused on delivering time-relevant actionable foresights that help you profit from disruptive change in comfort,

with superior levels of anxiety-adjusted return™,

so that you can start thriving, instead of fearing the uncertainty of the changing world order –

which has been exponentially dividing communities and stripping decision-makers, investors and business owners, like you and I, of our freedoms;

instead of uniting us for creating opportunities that address our immediate basic needs and ongoing structural economic challenges –

from energy, water, and food security, to inflation protection and above all, our personal and business choices.

After battle-testing the strategy in financial hurricanes since 1997, Efrem is now

Launching the Alpha Trading Box™

Out of the Lab and into Your Trading Room,

for both:

proactively defending your investing capital and purchasing power against inflation, deflation, and unusual market threats – both known and unknown; and

playing an active role in creating the disruption Alpha-Makers want to see,

with an ambitious goal of helping policy-makers in their journey toward mitigating systemic risks, by either amplifying or taming financial system responses, ahead of critical points, before they result in super-outlier events – aka Dragon-Kings ( more on that later ).

Efrem’s vision is to engage both mankind and machines in opening their capacity to see more, by offering a new framework for not only thinking about how quantum correlations among system actor states give rise to every-day macro events, but also

exposing these entanglements and creating situations that inspire and catalyze them into a sustained existence,

that can faithfully live in harmony with the desired impact we would like to both see and make on the prevailing classical interpretation of the world.

Instead of having composite building parts that are glued together into larger systems, we reveal how subsystems arise from the complex system, based on the kinds of entangled measurements that one can make.

The secret sauce of our market foresights is founded on acknowledging that the way we partition a complex system of many interacting participants and variables is also relative;

It depends on who is looking at it.

As humans, we are innately programmed to want reasons before taking actions; but the trading markets are not programmed this way -- they operate using a different form of logic based on quantum-mechanics. Much more on this later for those quantum computing enthusiasts;

not to mention our unwavering curiosity and passion for covering opportunities, such as:

digital transformation and exponential technologies ( from AI-Powered chips, cloud computing and communication networks to Genomic Diagnostics );

natural gas and alternative energy;

electrification of the auto industry;

industrial production and factory automation;

modernization of digital payment technology;

industrial and precious metals, next-generation battery minerals -- lithium;

infrastructure development materials, including equipment and technical services;

agriculture, forestry, natural resource mining, and specialty chemicals and fertilizers

that will be needed for making our global industrial economic complex more structurally resilient to inflationary pressures and single points of failure.

To eliminate these blind spots, Running Alpha developed an algorithm that exploits computational constraints of classical binary logic, that otherwise misguides us toward making faulty and contrived assumptions about how both the “economic machine” works and how its market players are influenced.

You will learn in this service description, which will serve as a reference guide for premium subscribers, how these limitations, which we turn into opportunities,

are often over-simplifying or overcomplicating processes, with too few or too many fragmented and redundant parts –

factors and variables, that are creating inconsistent descriptions and representations of what's really happening in the world around us, that does not fit into the way we should be making decisions about the whole system.

Traditional capital asset pricing models, financial and economic systems, and the policy choices for managing them, are trying to fit the round-world dynamics of nature's operating system into a man-made square peg.

Today, the vectors of man-made expansion are ruled by constructs of policy and capital controls that are incompatible with the principles of complex systems, by which nature operates.

Not only have our institutions failed us in delivering desirable outcomes, they are also deploying and promoting an unchanging vector that will make the smartest assets on our planet the least sustainable and inflationary.

To address this misalignment of human capital and strategic monetary assets & natural resources, Running Alpha is focused on finding efficient resource allocation solutions for:

how to use foresight to best adapt cleverly to first principles of interdependencies upon which complex systems of many interacting parts are governed and evolved for:

optimizing our existence in nature; and

calibrating our strategic and tactical decision-making for prioritizing:

individual investment allocations;

business assets for wealth and value-creation; and

synchronizing policy responses to the forward dynamic state of the financial and economic reality.

To maximize alpha extraction and first-mover competitive advantage in world capital markets,

Running Alpha is laser focused on pursuing outlier opportunities at the fractal of human and natural expansion, where there is no precedent in traditional models for making bold decisions with confidence and attention to detail.

Investing in a stock or man-made instrument in a financialized marketplace is different than investing directly in a company; the price of an equity trading on a public exchange is a derivative of what other people think of the stock;

whereas the true value of a company lies in the capacity for management to steer it in a direction that adapts its resources and focus for maintaining a state of renewal, in the face of constant industry change.

Every asset is competing for finite liquidity sources in a world where there are more products and less eyeballs looking at them;

So, by having a research framework that is looking at these network interaction effects, and

sensing when more eyeballs will be focusing on a given investment within crowded markets,

we are putting decision-makers in a position of power and choice, where they can increase their edge by holding onto assets where money will be persistently flowing, and moving out of markets, where buying interest will be drying up.

When money migrates into an asset, there is a positive feedback effect on value-creation that can accrue from management simply utilizing their rising share price and leadership spotlight for buying out complimentary assets of competing enterprises; thereby,

promoting organic growth versus simply expanding price-to-earning multiples.

Efrem has been quietly building out the core quantum-inspired algorithms and trading analytics infrastructure for running a market intelligence firm that can tell investors and business executives when to make bold decisions with confidence, at the most opportune striking moments –

right when wholesale liquidations of assets are leading to the final moments of a market capitulation – whether it is a “falling knife” market meltdown into a bottom or a euphoric frenzy into a top.

This gives Running Alpha an edge at helping investors get ahead of 99% of market players, by identifying actionable opportunities that will benefit from the next big transformational changes in:

Exponential Technologies, Digital Communications and Semiconductors, Industrial / Commodity Producers, Mobility Logistics, Renewable Energy, Agriculture, Timberland, Dividend Kings, Covered Calls, Royalty Streaming Companies, Precious Metals, and Battery Minerals –

Companies and industries that are making the world tick.

Efrem is confident that this advantage will endure, because every decision we make comes from a place that is invisible to classical logic and the mathematical basis of conventional strategies,

which are not appropriately designed for doing the one thing we do remarkably well – and that is:

Specializing in Catching Falling Knives:

Putting the World’s Thinnest Risk Boundaries™ Around

Markets that are in Freefall.

Efrem built mechanisms into the strategy for performing this task unlike any other advanced AI model in existence today –

by uniting the super-exponential power of special quantum entanglement states in complex dynamic systems –

with early insights into the evolving underlying instantaneous and spontaneous network connection structure and interaction effects among financial market agents – and their sentiment perception biases, driving emergent trend changes.

This allows us to deliver our premium subscribers with the highest probability investment and trading signal confirmations inside the World’s Thinnest Risk Windows™, just before a falling knife begins a spectacular reversal.

We do not need to wait for breakouts to confirm our best signals – in fact those who wait for such events are lowering both their risk-adjusted and anxiety-adjusted returns.

To help you get in early with less risk, we observe Negative Gamma positioning of Market Dealers on Public Exchanges and identify situations when Dark Pool activity on unlisted venues (off-exchange) is showing large institutional buying, while public markets are diverging with heavy selling pressure.

By combining insights into these departures from reality, with a Crowd-Physics™ and Bottom-Down Analytics™ interpretation of high-potential market micro-structure states, we are not only:

identifying extreme reversion events from the perspectives of individual and cross-markets, volatility, and variance of volatility, but

we are also revealing the hard lines and state transitions, separating “falling-knife” market capitulation events, at the end of prolonged periods of crisis, from V-bottoms that lead to sustainable market recoveries, within longer-term secular trends.

This makes Running Alpha a unique solution for retail investors looking to reduce the cost of trading a smaller account, as well as servicing activist investors, leverage buy-out and short-seller firms, private equity and merger-arbitrage managers, and fortune 500 companies,

that want to consistently make the biggest impact in their asset allocation commitments and corporate buy-back and M&A strategies --

by applying the least amount of capital at the most time-relevant moments, just ahead of the transition from market regimes of extreme pessimism to extreme optimism – and vice versa.

Entrusting these experiences with an unwavering passion and dedication for helping people connect the dots and think through alternative solutions,

Efrem makes it his business every day to launch deep theory into live trading practice.

Efrem has built Running Alpha, so that behind the scenes of every investment opportunity, Running Alpha can be up to the challenge of mathematically sniffing out digital records of market data,

that unveil deep structure, for explaining away the HOW and the WHY of the market’s human social wiring, and

specifically quantifying how and when traders — both human and machine — with different mindsets, market perceptions, and time horizons, are plugging into the global grid of fear and greed.

Efrem calls this new analytics philosophy, Bottom-Down Intelligence™ (BDI); drilling down to the very first and smallest scale transaction of an individual security, and then digging deeper into:

(i) the underlying motivations and market ecology that are driving trading decisions;

and

(ii) the physics of crowd-sourcing multi-speed investor interactions ( Crowd-Physics 2.0™ ), that are shaping collective perceptions and interfering with observation measurement of market rhythms, across wide-ranging groups of market securities.

Going beyond conventional game theory and behavioral finance strategy that treats emotional biases as the key alpha-generating inefficiencies, Bottom-Down Analytics™,

powered by our holistic quantum network, now makes it possible to unlock a much more fundamental and root source of Alpha, namely:

exploiting social intelligence via analyzing trader ecology — knowledge of subtle self-ordered arrangements and relative differences and similarities in broad-spectrum sentiment trend measurement biases.

When viewed in isolation, these biases create blind spots for market players that are observing market behavior through the lens of conventional non-quantum mathematical frameworks, which are not naturally suited for hyper-processing information in parallel.

Instead, when viewed collectively as a holistic quantum network, as we uniquely do, we can start levering our knowledge of market player entanglements for opening access to massively parallel and super-exponentially smarter processing pathways; thereby,

eliminating the need for traversing the whole network serially at a linear rate.

It is not just about “the need for speed,” advantage, but this approach puts us in a more favorable starting position, for more efficiently exploring new solution spaces never-before-seen at the fringes of the event horizon (trend formation and regeneration from a few transactions to several years out).

By rendering visibility beyond the dustbins of historical correlations; we are offering insights and foresights into how investors can start:

charting new alpha pathways yet traveled; and

playing a pivotal role in shaping novel trends and being the change, you want to see.

This can offer huge benefits for assisting business managers, activist decision-makers, private equity investors, and global policy makers at not only:

seizing opportunities in market and economic niches,

that have the highest potential for pronounced investor attention patterns and consumer interest in the future; but also

expanding the capacity of specific asset markets and socio-economic systems at large to thrive in hostile environments, particularly by:

self-ordering and adaptively transforming their internal network links into anti-fragile market structures.

Although made for educational intelligence purposes, the Alpha Trading Box™ is informing professional equity futures traders and retail equity/ETF investors of the next surprise “Dragon-King” events -- super-exponential outlier of high consequence,

that in our best estimation has an over 90% probability of striking markets as we progress into 2023 and beyond.

What will make this epic event a show-stopper is that its root dynamics will, at best, be rendered visible only in hindsight;

delivering profits to those who know where to invest on the right side of this oncoming disruption.

Virtually all of today’s most advanced quantitative market factor models or machine learning analytic engines will not see it coming, with even a modest level of conviction on public market exchanges ( more on this later ).

To see what others cannot, Efrem’s research zeroes in on predicting what humans and machines -- that are created by them -- would do in emergency situations, when they have never been confronted by similar observables.

This puts 99.99% of today’s investment strategies and market players, who are not particularly well suited for predicting unusual events of high-impact in a precarious situation.

Solving for this problem, Efrem has created a digital market map that is learning from the future – calibrating forward, instead of looking back, for:

turning our traditional view of the world from observing changing outputs -- sourced from the inside out, into:

Actively Monitoring Inputs from the Outside In –

From the Edge of Change, at the Weakest Links, so that We Can:

Alert You Before your Core Assets Start Turning Rotten or Accruing Value from Emerging Economic Conditions.

This is the essence of Bottom-Down Analytics™, which is powered by our proprietary quantum machine intelligence.

It’s like a weather map for financial markets;

tracking highs and lows of buying and selling pressures;

influenced by the shape and strength of the jet-stream of human and machine perception biases;

specifically, those interacting in just the right combination with the financial market’s orderbook, and at just the right moments, for producing volatility storm eruptions or bright sunny market skies.

Efrem calls this technology Momentum Perception Maps (MPMs), and he utilizes this innovation for identifying below-the-radar market states -- otherwise appearing as noise,

which are now delivered to premium subscribers as actionable time-relevant decision-making alerts,

for buying and selling assets at favorable prices and valuations relative to the next best alternatives.

The global economy is akin to a rain forest with countless species interacting with and dependent on each another.

Remove one and you begin a chain reaction with unintended or knowable consequences. Small economic influences converge into larger global trends that links the entire global structure into one dependent chain network.

This is why we need to see the flow of capital across all players for analysis of the whole complex global system.

Having better knowledge -- reliable indicators of the size, direction, speed, and duration of sentiment changes, driving these international flows,

as well as fluctuations in domestic liquidity conditions and trade positioning history,

helps to pinpoint those asset classes, markets and industry groups that will be underperforming and outperforming.

That’s why Running Alpha gets its inspiration from nature, particularly, the clever tricks it uses for making computations at quantum scale.

This enabled our strategy framework to be organically designed for more realistically simulating complex network interaction effects and capital-flow biases of diverse investor groups, from the smallest to the largest scales, under various market shocks and perception biases; thereby,

helping investors quickly preview opportunities and more efficiently prioritize decision-making,

for deploying capital into less crowded alternatives that have higher potential for yielding favorable market reactions to changes in investor sentiment and industry trends –

well before they are reflected in price action.

Skating to where the money puck will be going before others see it getting there is our sandbox.

Instead of simply using historical knowledge about the frequency of market shocks and trends of different sizes -- in price magnitude, price persistence, and price duration, our Bottom-Down Intelligence™ approach is offering insights into the sub-market structures that are giving rise to these event distributions.

Running Alpha Prefers Foresight

With these innovations, Running Alpha to flipping the script of conventional AI machine learning practices, and waking up our capacity to see more, while recognizing the whole in the system parts.

Efrem learnt early on that the objects we observe moving or not moving are not moving from A to B -- they are constantly reshaping themselves at the level of quantum interaction of particles.

They cease to exist when they fail to recreate and self-organize into the forms we see.

The same applies to both the movement of tornado-producing weather systems, Efrem has tracked, and

the financial and socio-economic systems we are all part of.

It’s like a particle is here or a particle is there – price can be interpretated as a particle –

when what we are measuring (price) is not permanent, but rather an emergent property at every instant and moment of interaction.

Since a particle is not physically located in a single spatial on/off logical coordinate system, but in multiple states of constant flux,

virtually every classical strategy in existence today is running up against this underlying counter-intuitive reality.

To circumvent these classical processing bottlenecks of piecing together disharmonious individual constructions of reality,

Running Alpha is levering new insights at the intersections of mathematical physics and finance, and the science of human action, that are governed by the exponential advantage and quantum computational elegance of nature’s operating system.

Every second of our lives we must cope with an unknowable future – of what comes next.

That’s why it is so important that we study how to manage this seemingly impossible challenge, and is exactly why Efrem spent the last two decades living and breathing financial markets,

for learning how to harness market player reactions to uncertain outcomes from the perspectives of: quantum systems logic; and their operational properties at the edge of chaos and outlier instability.

While watching these systems close up in high-definition detail, with all their nuances and eccentricities unfolding in the market action,

Efrem became fascinated with some of these exotic financial market phases, that were neither ordered in an obvious pattern, nor random.

There are correlations, but if you look at two assets and ask, “Are they correlated or connected?”, you often won't see them.

They are much more subtle to a classically trained eye. You can't look at two or three or even 100 perspectives independently to get an idea of where a portfolio is going to transit.

Because each asset and underlying market player observation and decision, can exert a different field effect on every other related asset and market player perception bias, powering forward sentiment trends,

you kind of have to look at the whole system of entangled states all at once, and that is not tractable on current day computers using conventional algorithms; so,

Efrem solved for this by levering the exponential processing properties of a novel quantum-inspired analytics protocol, derived from information on Running Alpha’s Momentum Perception Maps™

We are Essentially Harnessing Quantum Compression for Making Problems Smaller

Anyone familiar with classical computing has heard of compression - a simple procedure that allows a string of information to take up less space in a computer’s memory.

Using Bottom-Down Analytics™, we have had success mobilizing this procedure and compressing our daunting quantum problem, from hundreds of thousands of asset price equations, down to an invariant relationship among a set of variables you can count on your fingers and that we can see inhouse on our Financial Weather Maps — all without sacrificing accuracy.

Our work is revolutionizing how investors investigate financial market systems, containing many interacting particles – assets and market-player decisions and perception biases.

We start with this giant object of all these coupled-together market players/observers; and then we're using Bottom-Down Intelligence™ for turning this market object into something that can be systematically analyzed and visualized quickly on our proprietary market maps.

We are essentially distilling this otherwise incomprehensible source into a wealth of actionable information that will allow you to seamlessly become a contrarian, without the learning curve, and start: buying from pessimists and selling to optimists.

It has potential for optimizing index funds and large institutional portfolios of thousands of assets, by:

building investment portfolios that can generate financial returns, superior to traditional portfolios with significantly fewer groups of assets.

Replicating financial indexes using a limited subset of assets, has historically been an extremely difficult challenge.

Solving for this, we build portfolios that can outperform a target index’s risk profile by more than two-fold, while using up to 10 times fewer stocks than the S&P 500.

This new algorithm can be used for managing ETF funds, reducing overhead costs for financial managers while helping keep fees low for customers.

In practice, financial institutions could use the algorithm for: managing ETF funds with greater speed, accuracy, and efficiency; finding the portfolio with the highest returns for a given risk, all while producing better quality results than industry-standard solvers, in a significantly shorter time line.

Powered by Quantum Computing Principles and Multi-Valued Logic, MPMs are getting ahead of emergent trends and profiting from the uncertainty of the future by:

(i) Pursuing a data analytics framework, which generates unimagined scenarios, that have neither been experienced or thought of before by investors in the recent and distant past.

(ii) visualizing when humans and machines (limited by their single-valued decision-making logic lens) are capturing information and perceiving change;

(iii) extracting insights into what these perception changes -- interacting at different scales and time-lag [ aka, Bottom-Down Analytics (BDA)™] – are telling us about when human and machine behaviors might get modified over time;

(iv) anticipating capital-flows from one asset category or global-macro-factor to another and observing impending changes in behavior, through charting the Sentiment Jetstream of proprietary relative value ratios on our forward-looking map,

which are designed for showing the full spectrum of market feedback reactions that might emerge under different scenarios of global inter-market stress;

(v) homing in on the best way for expressing actionable trading opportunities that give to the highest edge, with the least emotional discomfort and lowest tracking error; and

(vi) putting boundaries around future time and price that define time-sensitive trading windows, when your own insights into different market factors would have the greatest forward impact on price and volatility;

thereby revealing when your edge for extracting profit per unit of risk and time is likely to be the highest relative to your next best choices.

The Alpha Trading Box™

The market player interaction and money-flow information gleaned from these maps are distilled by Efrem into actionable trading opportunities, so that prior knowledge of these concepts is not required by traders and investors to benefit from them.

Running Alpha’s technology and corporate knowhow represents Efrem’s collaboration of 100,000 man-hours of real-life trading market analysis, and over 25 years of critical thinking and human insights, built on the shoulders of giants, from a global network of over 27,000 industry peer connections, living at the intersection of physics, finance, quantum computing, and exponential tech innovation.

Teaming up with:

the founder’s patented and property innovations in Autonomous Self-organizing Machine Intelligence, that are extracting and unlocking value from noisy, large-scale data sources;

his unique interpretation of Quantum Computing Principles; and his

insatiable appetite for discovering smart cuts that are identifying and exposing the evolving structure of hard-to-find relationships in the non-linear feedback dynamics of complex many-body interacting systems – like globally interconnected financial markets,

these systems are particularly interesting to Efrem, because they not only display the capacity for an ever-expanding matrix of entanglements between disparate individual network actor parts and their whole, but for the most part,

unlike forecasting the weather, financial markets can change their outcome based on who is looking at the forecast.

We do recognize that there are special situations, where looking at a weather or climate forecast can change the outcome, albeit in a much more locally defined way.

For instance, if a feasibility study shows productive potential in the industrial complex, when climate conditions are considered, then miners and the network effect of businesses rushing into the community,

in anticipation of robust economic activity, can drive up industrial pollution, and potentially modify local weather conditions by creating heat islands in the future.

Given that many of the commodity markets we follow are also impacted by the weather, and exert an influence on supply and demand factors,

this makes predicting the market impact of future events especially challenging for conventional tool sets, that lack the foresight of quantum-inspired prediction systems,

which is Efrem’s focus, and the primary technology infused in the Alpha Trading Box™ Decision-Making Process.

Our research framework is telling us that we need to pay special attention now, as it is flashing an alert, indicating that our global markets will once again be re-entering the fastest and most disruptive period of wealth creation for those that:

know what corners of the marketplace to look; and

are eager to shrink the wealth gap and take a bigger slice of the expanding alpha pie.

With more transformation and market expansion shaping our world in the next few years than in our lifetime, there will come immense activist opportunities beyond passive investment, by using this intelligence for being part of the change we want to see;

be it in tech from broad-scale robotic automation to converging technologies like 6G, AI, autonomous unmanned vehicles, transportation-as-a-service, extended reality in gaming and new food and entertainment experiences, blockchain and digital tokenization of physical and monetary assets, or

strategic materials, inter-modal transportation, agriculture and forestry, and healthcare, or even boring companies that are more cleverly levering technology disruption for improving productivity, cutting expenses, and growing market share in old and/or new markets,

through introducing new tech-enabled business models and/or acquisition strategies.

Similar disruptions are occurring right now in more traditional areas, such as:

real estate, human resources, transportation and logistics, customer service, finance… sales, marketing, and more.

When you combine companies that are asset-lite and can scale quickly, with businesses that are levering the network effect – when each new user is incrementally expanding the value of the service or product offering at an accelerated rate,

tremendous opportunities for growth ignites across many new and exciting value chains and industry verticals; opening innovation ecosystems with wider margins of safety and more [ formidable barriers ] to entry.

Having foresight into these high probability timing windows of these extreme turn around events, also has high utility for offsetting inflation risks.

What’s Next for 2023 Q3/Q4 and Beyond?

From the perspective of conventional investing logic, as we progress through 2023, an imminent blizzard of emotional trading activity has high potential to start erupting unexpectedly out of left field on public equity, options, and futures markets.

We are talking about an epic event, compressing years of benchmark investing activity into a few weeks and/or months,

particularly trouncing the averages across a few industry niches, that Running Alpha is pounding the table on for its premium subscribers on an educational intelligence basis.

This is not a one-off situation -- it happens on average 3 to 4 times per year, and those few times when it only shows up 1 or 2 times in a quiet market climate, the outsized underlying entangled action-reaction chain among competing market player perceptions, that gets seeded and built up ahead of future price momentum changes, is compensates for the reduced frequency, without giving up the Alpha Trading Box’s anxiety-adjusted performance benefits. There were 4 to 5 such events in 2022.

We are looking forward to an unusually active 2023 and 2024 for premium subscribers.

Running Alpha’s Sentiment Jetstream is telling us that this period will be made for the record books, in all directions and across a unique array of stocks -- leading to:

peace of mind for those in the know; and

a demoralizing emotional roller coaster ride for those that cannot see “history before it happens.”

To give you a glimpse of how we contextualize and seek to profit from unfolding commodity and interest rate trends, as well as inflationary shocks in precious metals markets, which will be front and center, particularly in 2023 and 2024,

we look beyond the baseline data and deliver actionable opportunities by answering questions that should be top of mind for investors today, as they meet their biggest macro challenge tomorrow – “stagflation” – the simultaneous slowing down of economic growth and the decrease in purchasing power.

An important development that we are imparting on our clients today is the notion of not listening to those people or institutions who are using traditional leading indicators out of context – particularly those shouting out that the market must continue to crash, citing that an inverted yield curve always indicates a recession.

At best, that logic simply does not apply when the inflation expectations curve is inverted at the same time, as it is today.

Few know this and would rather look at history without due consideration of other factors that can change the context and meaning of the data.

The lessons from history as to why context matters are taken extremely seriously at Running Alpha; because without context,

what we observe when dismissing some information, while focusing on others; particularly

when under the influence of sentiment perception biases – that we far too often carry along with us just because they have worked in a previously entrenched trend,

is inherently meaningless – it could mean anything, given the dynamics in play are constantly changing.

By investigating the interplay of different factors, Running Alpha can see how these dual inversions of macro-economic factors are cancelling each other out.

Markets have never bottomed before a recession, but the U.S. has already officially entered a technical recession when the U.S. had two consecutive quarters of negative GDP Growth.

Economics is littered with situations, where, if reality does not fit the theory, the economic numbers get readjusted, and so too,

the definitions of a recession and other benchmark measures to reflect it,

get data-tortured and/or rewritten to match the theory, and confess anything, so that it apparently proves its validity.

One number may mislead us, possibly a handful if you are really lucky or unlucky, but not at a global scale, when one is observing world change, like Running Alpha does, across all geographic market centers and exchanges –

with competing self-interests and varying regulatory structures, technology constraints, political and monetary motivations, and investment mandates.

Markets are forward-looking voting machines in the near term; and

triangulated measures of change across inter-markets, are now signaling inflation expectations are on the rise.

Why the Context of What We See is Central to Every Decision We Make at Running Alpha.

Breaking free of simply shaping our decisions on the basis of consensus of the crowd, Efrem has engineered a research framework that can read and precast, with extra-ordinary accuracy and consistency, the underlying perceptions of influential decision-makers before their future versions of reality observe pivotal changes in market momentum and sentiment bias.

Standard theory misguides us into falsely assuming that manias — episodes of rapidly rising prices — are caused by excessively bullish optimism and “irrational exuberance”; but under closer examination, over 80 years of modern stock market history tells us otherwise.

Running Alpha has uncovered a blind spot in our measurement of market momentum that gets in the way of seeing how specific outbursts of pessimism and downside volatility are actually the root sources that uniquely tune our perception fields of market trends — across a wide range of historic time-lines ( look-back intervals ); in such ways that:

When these perceptions collide in the market-place, their sum non-linear bias tends toward persistent periods of positive sentiment — ultimately driving capital inflows and higher prices. The opposite applies during bear markets.

To help you visualize how this can all play out, imagine yourself at a political demonstration surrounded by a large crowd of tens of thousands of protesters in what starts out to be a peaceful procession, much like the orderly sequence of a one-way trend. Now suddenly, a riot erupts, seemingly out of the blue, as people start getting pushed around aggressively and trampled on.

You would think that it was either the actions of unorganized mobs that instigated the aggression; and/or stampeding herds of tightly packed pedestrians trying to escape the congestion by intentionally forcing themselves through the crowd as it thickens.

What you might be surprised to learn is that new scientific investigations into the dynamics of crowds show that it’s not atypical for none of these “usual suspects” to factor into these disruptive actions,

but rather, there are special situations whereby if the people are clustered into certain pockets of arrangement, with just the right time delay and sequencing of movement, the toppling effect and stampede-like response can start resonating throughout the mass of people and get amplified over time.

These configurations often do not occur in the presence of any one or combination of individuals orchestrating the movement, and cannot be revealed by simply assuming that humans behave as sets of repulsive particles, that tend to move out of the way with increasing momentum when surrounding patrons are getting “too close” for comfort”;

but rather are predisposed by the way humans are hard-wired to avoid collisions, particularly by anticipating when the velocity and trajectory patterns of neighboring bodies pose a clear and present danger.

In other wards, it is not how close price gets to violating a trend that sparks people into emotionally- charged action, but the perception that the speed of change of either an asset’s price or a related fundamental/macro variable is threatening to break trend.

Knowledge of changes in these emotional market state potentials, gives us an extra edge in forecasting episodes of price/earnings compression, when investors, who are feeling less certain about the future, are more likely to pay less for more earnings.

That is why we created an inhouse tool for visualizing a 360-degree view of how buyers and sellers feel about an asset’s pace of momentum change.

So rather than make the error in putting too much credence into analyzing the momentum dynamics on time-lines that only matter to our personal holding period preference,

we built a quantum-inspired bottom-down mathematical physics framework ( which we call Relational Perception Calculus™) that,

works out [ and allows us to observe on a Momentum Perception Map ] when the expected interaction effects of multi-speed momentum flight paths, across broad-scale decision-making intervals, will be biased for creating or destroying trends in the flurry of buying (bid) and selling (offer) activity, before they get matched in the orderbook to produce a single asset price value.

We named the study of these dynamic non-linear and self-organizing interactive processes as Crowd-Physics 2.0™, which has relevant applications across all granularities of trend observation, for charting out the capital migration patterns of financial market participants.

It stands to reason that when lots of market players from different scales are making decisions that happen to intersect (whatever the reason) in the future at common points in time and price, there is a greater tendency for capital flows to produce volatile price bursts, as the order-book gets overwhelmed by trade imbalances.

This is exactly what we successfully forecasted would happen, weeks in advance, on a grand scale during the May 2006 Flash Crash -- when several groups of decision-makers crossed below a confluence of zero momentum isobars – different price levels in the future that are calibrated to correspond with constant levels of zero momentum -- much like having several gallons of water squeezed into a narrow hose; yielding high pressure movement and fast action.

Because it’s decisions that drive price action, why, after over 100 years of market observation, are virtually all market-players and technicians still following cycles in asset prices ( which are outputs of millions of decision-makers ) for calculating changes in fundamental and macro-market variables,

instead of analyzing momentum cycles in the perception biases of decision-makers, which are the inputs of the price formation process, that only gets converted, by the orderbook’s function, into what really matters – the actualized future price action that has a material impact on the most watched fundamental metrics.

Behind the scenes of both every actionable investment idea we deliver and outlier risk assessment we make, Crowd-Physics 2.0™ is playing a leading role.

What’s Keeping Our Founder, Efrem Hoffman Up at Night? –

So, You can Succeed in Tomorrow’s Fast-Changing Markets:

Finding hot spots of investment opportunity in chilled market-sentiment environments, hidden within long runways for growth, that are resilient to global-macro pressures, and anti-fragile to unexpected inflation shocks;

so that instead of watching paint dry, and draining our emotional capital over 3 to 5 and 5-to-10-year intervals for the latest buzzwords and hashtags from the social-media circus to play out as transformational trends in your portfolio,

Efrem helps you arrive at your future destination faster, and with less anxiety over 2 to 3 month, 6 to 9 month and 12 to 18-month growth windows;

while alerting you of tradeable opportunities for taking advantage of hyper-growth and thematic trends at attractive price levels and shorter inter-day/intra-week and inter-month time intervals within these larger windows.

This is important, because, although many transformational trends and thematic ETFs can add alpha to a long-term secular portfolio, the two missing ingredients of successful investing is a sell discipline and a carefully crafted entry point, that acknowledges that trends, like trees, don’t grow to the sky, without volatility pitstops.

So, if you still believe in the long-term trend, Running Alpha’s anti-buy-and-hold-forever discipline can help guide you during these most interesting times of inflationary risk flares.

When it comes to understanding inflation fears, Efrem’s current analysis of global and domestic trends is pointing to six big structural and systemic challenges with conventional central bank monetary action:

First, Central Bank Policies are constrained by monetary tools that controls demand through weakening the value of hot money assets.

Even though alternative channels of inflation in our modern economy have recently been acknowledged, they have yet to be addressed directly through policies that are consistent across the board.

The dilemma is that we live in a world where supply shocks and logistic bottlenecks, factory shutdowns, and shrinking capital expenditures and population trends in important production geographies, are not only putting more stress on workers and making producer and consumer prices of goods and services more expensive,

but in some cases, there is no availability of strategic materials and manufactured products at any price; so clearly,

until we start adopting a comprehensive fiscal and monetary approach with policy reform, the inflation narrative of supply not meeting up with demand will likely accelerate, and

imminently open up tremendous investment opportunity over a secular term, for those that are now ready to take a bite out of the alpha pie.

In a labor pool that is showing signs of shrinking, central banks can’t 3D print skilled workers to produce the ample supplies of fresh fruit and vegetables, energy, and industrial chemicals; or anything else that goes into every product we make, need and consume for surviving and thriving in today's modern economy.

Robotic Automation may eventually fill the void for some essential activities, but without adequate policies for:

expanding the allocation of resources into repurposing land for agricultural usage and mining activities of strategic national interest; and

issuing new refinery permits for producing chemical inputs, diesel products, and crop-yield and nutrient enhancement solutions,

no amount of human or robotic labor can efficiency run our modern-day economic machine, let alone, meaningfully deliver what the consumer desperately wants and needs – healthy, safe living with an abundance of fresh produce.

Secondly, with funding costs of commercial banks effectively pushed to zero from a flood of new bank deposits, resulting from the fiscal pandemic relief programs, paid for by monetizing the debt through increasing the monetary base,

in combination with the increasing usage of the Reverse Repo monetary facilities, that enable commercial banks to park excess reserves, typically overnight on a revolving basis in exchange for both treasuries and a preferred rate of interest on reserves -- that gets incrementally adjusted when the fed funds rate changes,

causes net interest margins for the commercial banks to artificially rise above the naturally occurring level, had reverse repo transactions not existed.

This creates a moral hazard, because these excess profits, earned through this easy money monetary mechanism, incentivizes the banks to give out riskier loans; driving inflation higher through the money multiplier channel of the commercial banking system.

Third, the trend away from globalization to multi-polar economic trade blocks, where redundancies are built into the system for supporting inter-regional ecosystems and smaller to mid-size companies,

not only exports inflation from low-wage countries to higher income nations in the form of rising labor cost, but also increases the demand for raw materials required for creating the redundancies needed for bouncing back and thriving from unexpected shocks, such as pandemic, environmental, and geopolitical events.

This brings us to the fourth problem;

adding to the hostile effects of extreme weather, and pandemic threats, synchronized environmental and economic policy initiatives from around the world, regardless of their beneficial intent,

have created collateral damage, particularly when it comes to underinvestment and peak supply of basic human resources, at such a pivotal economic reopening moment of global demand for critical resources of national security interest.

There are many more reasons why monetary action is not the solution, but there are especially two more factors that are not being given enough attention;

Fifth, the conventional medication of rising rates that central banks are bluntly using for saving its patients – the average citizen, is actually adversely affecting them.

The side effect described below, is set in motion by fiscal spending policies, which are put in place to compensate for falling national tax receipts, resulting from rate hike-induced asset price declines, impacting the wealthiest 1%, who generate over 50 percent of their income from asset values.

In other words, you can't find a solution by exercising measures that effectively recreates the conditions that originally caused the problem to surface.

A rising central bank funds rate in a debtor nation like the U.S., with a ballooning debt and trade deficit, only creates more inflation through an ever-rising monetary base,

that is needed to back the ever-expanding spending programs and existing obligations for interest payments, which falling tax receipts and national revenues can no longer afford cover.

The result is an ever-rising money supply; and when combined with the potential for increasing money velocity from the global economic reopening, this one-two punch can serve as a hidden tax through fiat Dollar currency depreciation relative to the value of real goods and services.

A depreciating Dollar would also have an adverse inflationary effect from the rising price of imports, which are significant, given the that for many years developed markets have failed to build out and maintain a resilient on-shore manufacturing and skilled labor base, with built-in redundancies for mitigating the effect of supply-chain bottlenecks and resultant supply shocks.

The lethal side effects of these emergency measures are currently being compounded by the fact that personal income of the average citizen is going down as the cost of basic goods and services are going up, both in real terms and as a percentage of personal income and wealth;

1. We must also be watchful of unfolding sticky trends in fiscal intervention that can effectively carry on the Quantitative Easing ( QE ) legacy of yesteryears monetary authority, whereby the money supply base is repeatedly increased for easing monetary conditions, through buying back long-dated government bonds, in the event that treasury liquidity does not return quickly enough for:

offsetting potentially sticky elevated interest rates effects, should recession threats be realized; and

servicing the national debt -- domestic and foreign liabilities, and paying for an ever-increasing slate of spending programs.

These six overarching pain points are what every investor should be thinking about and addressing now.

When you become a premium subscriber of Running Alpha, you can be sure that we will be mobilizing every global intelligence source and quantum-gaming advantage we have for helping you:

Mitigate these inflation threats, and take emotional control over the uncertainty of the future, by making the unknown your best friend.

We do this by giving you actionable alternatives for both best expressing emerging opportunities and battling for your investment survival, so you can start thriving in any market or situation today and tomorrow;

not only for growing your assets and sheltering them, but for profiting from the pressures of an oncoming inflation train.

Knowing where to profit from these ongoing changes is core to Running Alpha’s actionable intelligence advantage.

As a premium member of the Alpha Trading Box™, these and many other emerging hot topic questions are viewed through the lens of asking two questions:

1. What financial products would serve as a leading indicator of both the challenges, transformations, and opportunities presented in each question; and most importantly;
2. How can these leading indicators, be translated into actionable investment ideas, that elevate your anxiety-adjusted performance™, while at the same time shrinking your total time-in-market,

so that you can lower your exposure to general market risks, as well as unknown knowns, while freeing up valuable time to do other things you enjoy.

Everything we think we are seeing when observing a momentum trend on a chart, is actually a combination of images hitting our retinas, and the conclusions of our preconditioned, behaviorally-biased lizard brains,

re-constructing the world around us, in terms of past individual experiences from limited vantage points.

The result is that changing the context of observed market patterns from the real-world, has a huge effect on not only our understanding, but how future events ultimately get perceived.

Now take yourself back to a time when you were watching a mystery movie, where you thought you knew who the good guys and the villains were,

only to discover less than a 5 seconds later that an event seen from one point of view gives quite a different impression than that when viewed from a different line of sight.

But, it’s only when you can fully piece together the multi-dimensional relationships among the scenes at different points in time, that you get to see the whole picture and gain an understanding of the sequence of changes portrayed by the actors.

It’s no different in the financial markets;

that’s why, no matter how vast your processing power or how rich and varied your data sources are,

if you don’t have knowledge of the underlying mathematical physics framework for piecing together what’s happening at different moments all the way back to the big bang of a given asset’s history, in relation to its sources of global-macro risk,

looking at a trend on a technical or fundamental earnings chart could not only mean anything, when cherry picked from an isolated perspective,

but it can make the difference between a great year and financial ruin.

How We Evaluate Super-Growth Secular Trends

When evaluating secular mega-growth trends, we are observing Innovation & Technology; Strategic Mineral Reserve and Resource Status; Military Stature and Strength; Education; and particularly in times of debt and war that our civilization is facing today on may fronts,

Economic, Military, and Educational Alliances matters the most.

In our assessment of the opportunity space, and where to geographically invest in a particular industry,

we often find that our cross-asset market maps jive well with future asset flow trends and capital spending patterns, as well as

the innovations implicit in the products manufactured in each country,

which tells us:

what other products could be made with access to current knowhow –

informing us of the capacity for a national economy to diversify their production verticals, for increasing resiliency and anti-fragility;

what impact an accelerated shift toward a multi-polar world, fractured into different blocks of:

economic trade and currency usage;

business innovation ecosystems and manufacturing infrastructure;

industrial policies and regional alliances,

have on:

capital spending and money-inflows patterns;

expanding digital finance use-cases into disruptive corporate financing structures;

input costs of production from materials and labor; and

General inflationary pressures in local communities; and

a company’s ability for rebalancing national priorities, and building competencies and distributed knowledge networks, needed for living, competing, and thriving in a modern world.

There are a dime a dozen asset managers and market intelligence firms that are providing services for seeking out companies with the best management histories,

but virtually no one having a dialogue about using a prescriptive decision-support frameworks for:

scrutinizing the initial conditions upon which a company's management or industry is in a favorable starting position to profit from and adapt to the forward dynamics of such outlier change,

especially from the vantage point of the most interesting times in history, like we are experiencing now,

where one or more of a combination of scarce allocated resources within our global economic system and supply-chain networks,

are becoming so increasingly complex and entangled on a persistent basis, that they converge to fragile states;

setting up the system for instabilities, where even a subtle change can trigger chain-reaction events with amplified feedback across multiple single points of failure.

The dramatic shifts in the sources of risks faced by businesses from the emerging trend toward Deglobalization,

which was already underway because of the pandemic and long-term policy effects on both supply lines and longer project completion schedules,

is now speeding up due to the war, weather, and expanding geopolitics of the cybertechnology and advanced chip race;

which will increasingly favor those who control stuff.

As it turns out, stuff is far more important to supporting our daily lives than the financializations of our economy.

The trend toward bringing manufacturing back home; producing more energy locally; and growing more food and fiber for domestic consumption, will get a boost from those countries and businesses wise enough to see the change in trend.

To raise the conviction of investors and corporate allocators in this business environment, Running Alpha expanded its global coverage of companies focusing on these themes.

We're monitoring everything that can affect business values, from commodities to interest rates to currencies.

We are finding tremendously innovative and high-quality companies; and identifying when it’s time to buy them;

not only when they are attractively priced for the future narrative and expected growth path, but also,

when market-players are becoming emotionally charged decision-makers and panic sellers.

Many people try to do this by making statistical comparisons to the size and speed of past price declines, that have been characterized as selling bubbles –

emotional panic selling, disconnected from fundamentals, and driven by amplified price momentum feedback –

yet what most fail to consider is that the market players acting on what they observe, are not the same ecology of decision-makers that created the trends we are seeking to measure.

That’s why Running Alpha has created a scientific research framework for:

Continuously rendering visibility of shifting perspectives, specifically those that lead to impending structural network imbalances,

before they show up as price inflation, and even before they present themselves in the order-book on public market exchanges.

In summary, we can perform these most challenging tasks, because we developed in-house tools for:

Calibrating forward leading indicators of:

global & local changes in market sentiment,

underlying market actor perception biases,

that are powering stealth big money flows between non-listed venues and public market exchanges;

Levering in-house patented & proprietary technology and world-class research connections for

instantly computing the subtle short and long-range interaction effects on both:

future capital flight patterns between dark ( off-exchange ) liquidity pools and public markets;

and

relative value rotations across different term structures.

Our technology that powers this unfair mathematical advantage, has the capacity for not only analyzing micro trade positioning, and macro-scale intermarket smart money-flows on publicly listed exchanges and dark market venues,

but also seeing when uninformed dumb-money, on the opposite side of impending market reversals, will be showing a critical threshold of fear;

a tell we use for both exiting market positions ahead of a crash or flash crash, and buying into flash panics in “falling knife” markets, well before there are any signs of a turnaround.

To this end, our investment philosophy is founded on hard data that shows that:

The Best Alpha Ideas are Found in the Dark – Where No One is Looking.

Because markets can stay crowded and overextended longer than most investors can remain solvent, our analysis incorporates “nowcasting” of imminent catalysts ranging from:

action-reaction feedback cycles of market contagion, set off by:

the madness of crowds; and/or

the excessively low or high levels of:

mindshare -- share of the market player pool that is biased to showing high attention patterns and asset price impact to news-flow; and

conviction – confidence of different groups of market players, as they vote with their pocket book across the forward expectations curve;

cross-asset money flows on listed public exchanges ( aka, lit markets ), and order-flow imbalances in the supply and demand for underlying assets and their financial instruments for best expressing their dynamic behaviors over time,

as seen through the lens of forward momentum perceptions of market players across all periodic scales of observations and holding intervals – depicted Momentum Perception Maps;™

and

smart-money institutional buying signatures on unlisted Dark Pool liquidity venues ( aka, Dark Markets ), that are strongly diverging from lit market activity.

Running Alpha Solves for:

What’s Keeping Investors Up at Night?

Knowing Something is Out There and Not knowing When It’s Coming for You Is an Investor’s Biggest Nightmare; and

threat to realizing durable long-term investment returns.

Not only does it get in the way of investors making good decisions for hedging against uncertainty, but it also creates an emotional drag on anxiety-adjusted performance, which we help investors alleviate.

What investors really need is to raise their "Emotional Alpha" IQ.

That’s why our prediction intelligence factors in how much discomfort each investor type is likely to endure from not knowing the future state with certainty.

This pain often attacks investors at three points --

(i) when investors panic out of positions after a sudden market setback;

or

(ii) during times of heightened uncertainty surrounding economic conditions, when people or machines either:

(a) freeze like deer just before the onset of a large informed trade precipitates a cascading sequence of order flow, that unwinds the excesses of a crowded position in the form of a market crash; or

(b) make the all too familiar mistake of exiting positions too early, just before a large market advance -- compressed over a relatively short time interval -- accounts for the majority of the long-term gains; and

(iii) when investors get into trades too early, especially in falling knife markets, where the lions share of risk one bares for being first to the party happens over a very short interval.

This is often compounded by inopportune positioning of being too highly levered in markets that have not fully expressed their volatility,

which can quickly throw traders for the loop and cause them to exit positions right before a big turnaround.

Any trader that has experienced this situation, knows how emotionally difficult it can be to buy into fear.

That’s why Running Alpha solves for these pain-points; building portfolios with high levels of Comfort-Adjusted Returns™, that are:

giving investors actionable insights on acquiring and disposing of positions, in times of extreme fear, euphoria, and complacency.

Our key performance indicators (KPI) for measuring success is what separates us from our industry peers; namely Comfort-Adjusted Returns™ & MindShare Ratios™ [more on that later above the disclaimer, near the base of this product reference guide].

That means going beyond tracking value based on simply calculating return on investment, but also factoring into the equation how well our market intelligence strategy can avoid investing in areas that do not offer you transparency into why we generated the out-performance.

This is vitally important, because without visibility into the performance drivers between performance reporting intervals, investors cannot build trust in the strategic outcomes, and without trust,

it is extremely difficult for even the most seasoned wealth professional to avoid emotional errors from getting the best of them, especially during times of heightened uncertainty and extreme volatility conditions.

To that end, Efrem believes that Running Alpha’s comfort-adjusted portfolio solutions can compliment behavioral finance practices, at lowering investor anxiety during the return generating process;

thereby, better managing our future decision-making biases from otherwise blocking us at shrinking the gap between realized investor performance and reported market returns.

What You Get?

Actionable Data Points that Every Trader and Investor Needs

Without any learning curve to get started, we do all the heavy lifting when you become a premium subscriber –

distilling all the intelligence gleaned from of our methods, down to at most six simple and actionable points –

that you can start using as a standalone investing strategy, or for augmenting and enhancing your own trading market intelligence;

so, you can focus on what’s in front of you, in high definition; and

start turning the “madness of crowds” into persistent hot-hand advantages,

that can help you:

consistently grow your passive and active capital;

navigate around low-probability trading setups; and

defend your emotional capital from market threats, by making uncertainty and disruptive volatility your best friend.

With these unique benefits, premium subscribers can start confidently focusing on what matters -- making bold decisions with clarity, no matter what the market throws at them.

First off, the Alpha Trading Speedway™ or Alpha Trading Box™ ( a dynamic time window – also known to our premium subscribers as the Alpha Opportunity Window or Alpha Trading Window), is defining when:

positive news sentiment of a given asset under review will have a disproportionately bullish effect on market prices relative to both its own history and its peers on a risk-adjusted and volatility-adjusted basis; and

where negative news – including corporate or global-macro events -- will have an anti-fragile response – meaning that the asset price movement in the wake of the risk event, within the Alpha Trading Speedway,

will be bouncing back more aggressively and/or more quickly ( upside volatility ) than any short-term downside volatility that may occur within the overall Alpha Trading Box ( aka, alpha investing box or alpha trading / investing window ).

Secondly, what makes these Alpha Trading Boxes™( aka, Alpha Box ) particularly special and not available anywhere else in the trading/investing intelligence industry, is that they are innately designed for telling the trader and investor exactly when to focus their trading and investing efforts on unusual market situations

( aka, market anomalies – note: What is considered an outlier opportunity on one time horizon or period in history of a given asset may be an ordinary event on another.),

where the sentiment of positive news-breaking events will be having an aggregate outsized and amplified bullish impact on forward price action, within the Alpha Box, relative to the aggregate price effect of negative events.

This gives us the power for putting boundaries around future events and trading opportunities; and

picking off not only optimal high-probability entry and exit points,

but also freeing up your schedule for more lucrative and enjoyable opportunities;

thereby saving you valuable time, defending your capital from outlier threats, and alleviating you from the eye-pain of being glued to your screen all day.

Third, Alpha Trading Points™ ( aka, Alpha Trading Coordinates™) gives you the price and time coordinates, for signaling entry into an Opportunity Window ( aka, Alpha Trading Box™).

Four, the Penalty Box™ is a dynamic alert that tells you the time window(s) for when you should stay out of the market, exit, or take profit from a trading position,

during intervals where the market has higher potential of taking a breather, before entering an _Alpha Trading Speedway _on a shorter-term horizon.

In those special times when Penalty Boxes emerge, they enable you to more efficiently trade around a core position, and assess whether you want to renter or replace with another alpha trading opportunity window of higher alpha and/or diversification potential.

Five, the Panic Box tells you when to stay out or start profiting from a market decline during intervals where sustained risk of downside volatility and/or market crashes are of high potential.

Six, Panic Points alert you to the price and time coordinates for signaling entry into a Panic Box.

Our Investing Philosophy

Our investment philosophy is rooted in the idea that the biggest money is closest to the information spigot;

so, having insight into where smart institutional capital is hiding out is critically important for knowing whether and how soon and likely bullish or bearish events are going to be impacting our coverage universe.

When you augment this wealth of information and actionable intelligence on how markets are structured for absorbing these new insights, you gain context into:

how fast; how large; and how persistent, the market’s response can be.

Knowing event outcomes are only half the equation;

knowing how market participants are biased to react to them, and

echo their responses through their web of complex connections,

too often underscores the difference between success and failure.

Running Alpha solves for this equation by using a proprietary Crowd-Physics™ research framework, powered by Quantum-Inspired Machine Intelligence, which you will learn more about later [yet, no need to understand the inner workings for utilizing the service].

The bedrock of our investment philosophy is founded on a new financial calculus, called: Relational Perception Calculus™, which also integrates key concepts and principles from the re-emerging field of Fractional Calculus.

In the spirit of the Austrian economic science of human action and mathematical physics principles of both logical congruence and the path of least action, our north star

Intersect the coordinates of our founder's belief that:

The observing investor audience -- be it fundamental or behaviorally-driven trading participants -- those actors perceiving market structures of the past,

do not only have different sets of viewing perspectives than the decision-makers who created them,

but an exponentially broader spectrum of vantage points to choose from,

for: partitioning and splicing the past; and calibrating their lines of sight for tracking and foretelling changing events around them.

Therefore, in the spirit of Albert Einstein, we cannot simultaneously comprehend and learn from history by trying to view the world through the same set of lenses as our ancestors.

Building on this philosophy, by continuously monitoring for emergent market shocks, in all directions,

we are not only stacking the odds for investors to smartly respond to uncertain outcomes, but are improving their current situation in the face of adversity.

We are firmly of the conviction that generating and sustaining sustainable alpha is as much about emotional health as it is about financial wellness.

To meet this challenge, The Alpha Trading Box™ is designed for:

Homing in on time-relevant windows of generational-defining volatility and opportunity events, for:

Elevating Your Comfort-Adjusted Real-Return Edge at Global Scale,

in all market structure regimes – across

geo-political, financial, business, and socio-economic cycles.

This is made possible by harnessing the value of diversification beyond the scope of managing uncertainty and volatility of portfolio holdings; and making the mixture of assets the lens through which we can start:

identifying special liquid-situation opportunities;

when it will be taking less market ‘energy’ (buying or selling pressure) for driving an asset price up or down relative to its historical record and alternative benchmarks; and

adding sense and sensibility for explain away and profiting from the ever-changing sources of risk in the economy and markets.

When faced with uncertainty, we believe investors should diversify their diversifiers.

In addition to diversifying across assets, our market maps offer us insights into how our premium subscribers can diversify across how different market-player types manage risk.

Moreover, our philosophy is premised on harnessing the weaknesses of our economic system for competitive advantage.

Our data and experiences in world capital markets strongly suggests that the entire economic structure, especially the policies & frameworks used for maintaining its existence, is:

built upon either a flawed understanding or contrived models of economic and financial agents, and ad hoc and often incompatible academic theories and half-truths.

This especially applies to our current times in the world of retail investing and the broader wealth management industry in general.

So, Efrem started applying logically-consistent thought processes to his understanding of how economics and financial markets operate in the real world.

These processes are trusted to be ground-breaking, not only because the historical and real-time contemporaneous record over all pertinent economic cycles and variables of interaction, scrolling back to the big bang of modern markets and ancient data confirms the hypothesis,

but because we built it on the grounds of the mathematical physics advantage,

with a unique set of algebraic axioms that can augment empirical data with mathematical theorems of what is possible within the scope of:

not only this algebraic framework, but the imagined universe of alternative algebras.

To date, we have not come across an intelligence infrastructure, in theory or in practice, that has the potential for consistently outperforming the Alpha Trading Box™,

Not only for extracting alpha as an Alpha-Taker, but for creating a remarkable performance as an Alpha-Maker.

Iterating toward a more realistic investment philosophy that overhauls the Efficient Market Theory ( EMT ) and its backward-looking assumptions of how asset prices are generated,

Efrem has

replaced it with a more realistic data-driven framework of stock return predictability,

that puts the science of human observer interactions and action-reaction feedback chains into the valuation and decision-making equation --

incorporating not only transaction price and liquidity information, but also principles of fractional calculus, for

accommodating both short and long-range anomalous volatility jumps;

changes in the underlying momentum perception and emotional biases that are driving both the market’s social mood and behavior; and

dynamically adapting to how humans are feeling about market action and valuation, as well as what degree they are believing in their estimates of valuation, as a function of forward changes in implied uncertainty.

This should matter to investors who are often blindsided by putting too much trust into valuation calls that do not appropriately discount the valuation for changes in the implied belief rate over varying time horizons.

Because Running Alpha has an unfair advantage over current best practices, at sensing radical non-linear changes in the volatility premium that the market will be assigning for protection against uncertainty,

we can better assist value investor’s in not only:

timing their entries by avoiding value traps, but also

adjusting their margin of safety, through giving an idea of how much the valuation needs to be discounted by the belief rate, which is a function of the term structure of asset price and benchmark uncertainty.

It became clear to Efrem early on that this technology has innovation use cases in many disparate market verticals, for not only:

systematically gaining insight into unusual events before they come into being, with particularly high levels of granularity and conviction in hostile environments, but also

discovering special system entangled and discordant states that define narrow windows of just-in-time opportunity;

when not only small variations in system interactions lead to exponentially large outcomes, but when big changes in system inputs have exceptionally small effects on future behavior.

What puts this thought-leadership in a fundamentally unique category is that instead of valuing regularity in observed behavior of markets and economic agents as a critical property of a healthy anti-fragile financial network,

Efrem takes the contrarian view to this classical observation, and sees it as a diseased state, much like a pernicious heart rhythm governed by the loss of both complexity, and feedback among its system parts – economic actors and financial system assets.

In these situations, which investors are experiencing today, it calls for the implementation of an organic capital protection strategy that can separate the context of what’s already happened from what’s happening now and going to be shaping tomorrow – our specialty.

This will be your key for defending against the hidden risk of surprise non-linear outcomes of high consequence.

Knowing what to remember and what to forget could help investors outplay the most advanced trading machines on the market today, be it quantitative or discretionary decision-makers.

There are times when learning by example will fail;

there is wisdom lying beyond the borders of available data, that can be harnessed, which we do, for seeing transition points ( aka, “exceptional points” – more on that later ),

specifically those separating the usual from the most extraordinary, yet somewhat predictable Black-Swan-like market swings of high impact consequence and uncharted origin ( aka, “Dragon-Kings,” coined by Marc Groz, Managing Member of Right Risk LLC, for explaining away anomalous market activity, that lie outside the range of values that even conventional power law distributions can faithfully describe –

anomalies that that are distributed according to the relationship in which a relative change in one quantity gives rise to a disproportionate relative change in the other quantity, independent of the initial size of those quantities.

At Running Alpha, we call this enhanced visibility, Dark Data Intelligence™ – which changes everything about the limits of what we can know and not know about anomalous distributions and the market’s future state, particularly,

when we become aware that the universal pool of market perspectives --

momentum trends, regardless of the variables under observation – be it sourced from technical, behavioral, or fundamental data --

is forever expanding as the size of the data-sets we are collecting and calibrating in our analysis of market trends gets bigger and bigger.

Because these internal connections ( aka, quantum connections ) among broad-scale groups of investment decision-makers are sparse ( aka, small data ),

for those that can make these hidden connections visible,

it requires less computational effort and fewer resources to see a clearer picture with smaller data, not only of where we are and where the market is going, but also,

where we can get positioned for taking better advantage of anomalous change,

right at the moments when investors, misguided by the blind-spots and entrenched historical biases of their classical logic perspectives,

on the other side of the trade, are most vulnerable to this change;

precisely because the confidence they built up about the operating rules of the game in the previous trading market regime, will now be shattered upon exposure to these Dark Data Sources.

The power of Dark Intelligence for turning conventional pattern recognition on its head, and rendering it powerless during sudden regime shifts –

when the quantum connections among market players make it confusing for seeing both when and what factors will be coming together,

for causing the distribution of the data to remarkably change its shape.

In the spirit of Albert Einstein, on some rare occasions, there are radical changes in complex system behavior that lie outside the purview of classical mathematics and statistical methods; situations where the:

Questions Being Asked Are the Same, But the Answers Keep on Changing.

The way we deal with these outliers demands a different way of thinking, seeing, and identifying with the dynamic world around us.

Classical mathematics and physics have taught us to believe that:

such events as market crashes and bubbles are unpredictable and exceptionally rare; lying outside the boundaries of available data,

where we lack the means of both predicting their emergence, or even nowcasting ( real-time sensing and identifying ) the underlying factors that seed their “hot hand persistent market effects into existence – be it during meltdowns or melt-ups.

Yet, applying inhouse world-changing insights at Running Alpha, founded on the principles of quantum information systems, and combining them with an ancient arcane form of advanced calculus, dismissed by many thought-leaders as lacking application for over 300 years ago,

has informed Running Alpha otherwise, on the real-world investment decision-making battlefield, that indeed,

there are quantum maths -- fractional calculus methods ( mathematics of invisible / subtle unseen non-local change ) for coping with situational realities,

where the natural order of things is in a state of continual re-emergence and renewal, in accordance with the 3rd law of thermodynamics – ongoing entropy production.

Our founder, Efrem Hoffman has re-imagined a place, where classical mathematical descriptions of what’s happening around us in the world of finance, can now be experienced through the lens of quantum mechanical principles;

a sort of meta-math that can bridge the void between the past and present, so that we can walk through it, into new possibilities, that we can now make our advantage.

To see when our visible range of possibility needs to be adjusted for surviving and thriving in the new reality of nature's ever more complex and unseen connections,

between social and economic structures,

is not only the driving force behind Efrem’s work at Running Alpha;

it is also the fundamental element that makes it possible for Running Alpha to single out markets that have the highest potential for producing persistent hot-hand trends in buying and selling activity.

We can even go as far as telling you in rank order, which sectors and industries will likely feel the biggest hot hand effects on a risk and anxiety-adjusted basis.

This gives Running Alpha an unfair advantage, particularly considering that classical mathematics and statistics are intrinsically blind to hot hands in their early stages of development, where foreknowledge of them would give you a much bigger piece of the alpha pie.

We mathematically and algorithmically anchor the language of the market on multiple axes of change, for uniting the broad-spectrum momentum biases behind a trend with: the sentiment biases of smart and dumb money market players; the changes in trade positioning histories in public exchanges; and smart money flows in unlisted dark pool venues and lit markets; to make sense of market movements on five fronts:

what sentiment biases are contributing to emerging secular mega-trends;

what levels investors should focus on for building positions;

how fast price gets to a destination;

when risk should be dialed up or dialed down; and

how long price stays near the interim and target objectives before reverting.

To offer this new experience of wealth-building for profiting from record-breaking events never experienced before,

we are exploiting a subtle, overlooked feature of quantum mechanical computing systems;

that accounts for how and why markets, unlike people, move faster as they get older and bigger.

Hint: That’s because, with maturity of markets, comes increasing complexity,

as more data points means there are larger numbers of potential interacting vantage points to choose from for observing trends;

and

that raises the probability of more blind-spots in decision-making,

as the number of cross-roads ( bifurcations points or forks in the road ) start expanding super-linearly,

yielding bigger reversion events and momentum crashes,

especially when an increasing number of surprise events arise from our planet’s ever more fragile economic state.

What Makes Us One-Of-A-Kind For Investing In Both:

Trading Market And Innovation Disruption

At the core, Running Alpha is a technology-enabled capital market investment intelligence company, building transformative prediction services for the $100TT equity investing market.

Setting new standards of accuracy and time-relevance in the trading market industry, our disruptive Machine Un-Learning™ technology engine generates dynamic Sentiment-Aware Momentum Perception Market Maps™ ( MPMs ), delineating the jet-stream of future market sentiment, which

we utilize inhouse for alerting premium subscribers of impending high-conviction opportunities.

Powered by breakthrough quantum-inspired computing algorithms, also built in-house, for opening new ground in market timing of market phases, and cross-asset correlation structure,

Running Alpha gives you a new dimension of transparency into hidden sources of portfolio diversification and correlation-breakdown during tail-risk events, which traditionally get in the way of building low-cost and manageably sized portfolios.

We solve for this by building portfolios of trading positions, that are designed for thriving in times of market stress and bouncing back faster to new heights thereafter, all while your emotional capital is kept intact.

Traditional portfolio diversification methods in both academia and industry practice do not have the capability of exposing:

cross-asset and intra-asset correlation structures of broad-scale input factors of momentum perception biases, spanning the total market-player space.

At Running Alpha, we recently took a giant leap forward by extracting and unlocking those specific structural market biases, that will be giving rise to emergent sentiment regime shifts; before they show up in the market price, and even before market players seed their tactical decisions into existence.

Our market forecast alerts and bulletins reveals these new performance-boosting edges for investors and market dealers, thus making our actionable intelligence a must-have for any market participant that is looking to:

know what trading market time-frames they need to be observing for either augmenting their current strategy or investing on a stand-alone basis with maximum clarity and noise minimization.

Although there are many platforms for leveling the playing field between retail and institutional investors, they virtually all fall short at addressing the underlying physics of asset price movement and volatility behavior.

The existing way people think about how stock markets and asset prices migrate over time, is fundamentally flawed; so, the founder, Efrem Hoffman, built a new class of technology to solve for this problem –

Centered on the mission of:

Helping Investors Generate Alpha and Protect their Assets by strategically “Investing in Times of Uncertainty” — Winning despite the unknown.

We’re the first Fintech organization in the world that harnesses Bottom-Down Analytics™ and Quantum Information Intelligence in every decision we make; it’s in our DNA, for the purpose of:

helping you, the investor, trader, or business manager:

see history before it happens; and

get on the right side of global-macro change, so you can start:

navigating forward instead of being held back; all while …

turning financial tornadoes into profitable inflation-protected opportunities, that are thriving on uncertainty, instead of running away from it; and

making actionable time-relevant investment and capital allocation decisions that are

rapidly moving your performance needle, with less anxiety, better foresight, and fewer resources.

Imagine the growth possibilities if you had a trading technology that can deliver game-changing insights by tapping into not only the subtle flow of oscillations in market-player perception biases, but also seeing the shape and value of time that will be powering the next beat of the market's rhythm.

What happens when you deploy ground-breaking deep physics for re-imagining growth possibilities in world financial markets? You get Running Alpha™.

We’re a new breed of swarm intelligence that knows what the sum non-linear interaction of all our emotionally-charged lizard brains will be telling us to do before we move the market needle; and even before we are aware of making our final buying and selling decisions.

Efrem formulated the intelligence framework to go one step beyond AQR’s rigorous industry-leading sniff-test for sustainable investment alpha creation on five axes of merit, namely, it:

(i) produces an analytic record and walk-forward risk-return structure that indicates that the empirical investment edge is “persistent, pervasive, and robust across all asset classes and market regimes;”

(ii) offers an [ “explanation as to why and how the market inefficiency ( creating the opportunity ) comes into existence in the first place, and why it has not been and

(iii) continues to not be arbitraged away with evolving market pricing” ];

and takes a giant leap forward by:

(iv) requiring that there are no logical inconsistencies in the alpha-signaling logic across different fractal viewing scales that have overlapping position holding time-lines

By solving for the Quantum Measurement Uncertainty Enigma in the Financial Marketplace, Running Alpha goes beyond exploiting a simple risk premium based on a systematic behavioral bias or intuitive economic rationale, but leverages a long-held deeply entrenched philosophical model paradigm blind-spot that exploits the inability of conventional decision-makers ( both human and machine ) from:

anticipating Known Unknowns — ambiguity over factoring in and determining the market impact of our own buying and selling decisions, especially others reactions over several iterations of asset price formation;

and

acknowledging Unknown Knowns — market players who naively dismiss that their actions can adversely work counter to their intentions;

(v) [“generates market positioning histories at the times of strategic opportunity ( entry and exit ), that have a well-defined group of financial actors on the other side ( with limited arbitrage flows ) ] of the contemplated open market transaction, so there is ample liquidity.

Running Alpha is not only capturing epic opportunities for investors to capitalize on, but is offering a built-in mechanism for amplifying the mathematical advantage as the emergent and evolving financial market system gets ever more complex -- when disruptive technologies and new categories of economic actors and financial market agents inevitably get attracted to it.

This strategic edge does not exist in classical strategies available in the marketplace today, who's mathematical advantage drops off exponentially as more competition among market participants both increase the complexity and neutralize the alpha-potential of prevailing strategies – no matter how sophisticated they are, and no matter how broad their classical data sources become.

These models are simply built on the wrong logic for making sense of today’s financial chaos and global market complexity.

To circumvent this logic constraint, Running Alpha is levering quantum uncertainty for competitive advantage by creating a new class of arbitrage that is both exploiting and solving the fundamental mismatch between markets that are fundamental producers of uncertainty and legacy investing platforms that are designed to running away from it to mitigate volatility at almost any cost.

This leads to the inefficient allocation of monetary and human capital resources right at the moments when elevated uncertainty can offer the biggest slice of the alpha pie.

Operating at the crossroads of:

Behavioral Finance;

Crowd-Physics; and

Quantum Swarm Intelligence &

War-Gaming Strategy,

Running Alpha is uniquely positioned for:

Providing Actionable Time-Relevant Business and Educational Intelligence on:

generating multiple non-correlated streams of alternative public & private real-asset wealth protection in diverse industry verticals,

with long runways for growth that get quickly re-priced continuously to changes in inflation rates.

The underlying market mechanism, powering tomorrow’s impending asset price changes is a 3-way interaction effect among:

(i) the forward sentiment jet-stream of human and machine momentum perception biases;

(ii) the sentiment market activity of market dealers working on behalf of the most influential institutions and corporate and government economic power players,

secretly operating in the dark market venues, to mask their intentions from public exchange participants, just long enough to initiate or close their positions without setting off an action-reaction feedback chain that adversely impacts their execution performance; and

(iii) the effects of unwinding order-flow imbalances – gamma squeezes and short squeezes -- on public market equity, futures, and options exchanges, that are only revealed after the fact by the market tape to the masses.

A broad array of conventional statistics rooted in classical computing and intuitive decision-making logic say hot-hand advantages are not possible; yet

Running Alpha's research into over 100 of years of trading data in Global North American and Financial Markets, from equities, to commodities, precious metals, and interest rate futures, along with real-life contemporaneous intelligence of capital markets,

consistently shows overwhelming evidence to the contrary -- it's just that investors need to know where to look to unlock this edge.

The information is often not embedded in the news or the balance sheet data, or even insider corporate trade reporting data, but in the shape and orientation of the sentiment jet-stream,

influenced by a combination of subtle and remarkable interaction effects among changing biases in human and machine perceptions of momentum activity, in both price, volatility and fundamental market action.

Whatever the change -- technological, socio-economic, cultural, geopolitical, demographic, or micro or macro-structure, or all of the above,

by putting emphasis on unlocking and exploiting insights into when the complexity of the trading market network of decision-makers biases, and their attendant interactions,

are stable or vulnerable to something as subtle as a random variation, or as complex and intentionally deliberate as central bank policy adjustments and changes in government regulation and fiscal spending actions,

we make it our business to hunt down these factors, and deliver actionable foresights that can save you valuable time, and preserve your emotional sanity and monetary capital.

We give early-warning insight into abrupt shifts in both forward sentiment momentum bias and market liquidity, particularly by exposing sudden changes in market player perception biases, that are fueling smart money and big institutional stealth order flows on private off-exchange liquidity venues ( Dark Pools ),

so that we can render visibility of concealed order-flow from listed public markets,

where investors have held undue trust in assuming raw public exchange transaction data contains all pertinent information.

Over 20 years of real-world experience is telling us that it does not, and with that knowledge we can add value to any investor who would like to get ahead of information flows.

For reliably sensing transitions from risk-off to risk-on market windows, we make it our business to observe, compare, and triangulate the shape of volatility expectation estimates at key price and time points from multiple risk perspectives.

Beyond looking at both stealth bullish activity in unlisted dark pool venues and Gamma positioning of market dealers,

to better know what is driving these sentiment changes, we generate Momentum Perception Maps of the forward paths of market volatility biases in buying and selling activity of option market pricing, both at the money and near the tails,

for giving us unparalleled insight into expectations for asset price and inter-market price action, in a way that taps into what smart-money practitioners are thinking about markets, before they start making big informed bets on the next big idea.

By avoiding traditional stock and interest rate volatility measures such as traditional stock and bond volatility proxies, which do not do a good job at consistently reflecting and isolating the informed views of the most important market participants,

we study markets for capturing anomalies between competing assets, as traders and investors really behave, namely by:

making decisions based on leading indicators of sentiment information and money flows in listed exchanges and unlisted liquidity venues,

specifically, those:

not premised on artificial aggregate measures of risk that often distort reality, and do not contemporaneously reflect decisions being made by the most influential market players, and

which falsely create an illusion, mismatching cause and effect, leading to many traders mistaking outputs for inputs.

To that end, everything we do at Running Alpha is synchronized to inputs first,

so that instead of looking through the rear-view mirror and not accounting for how the observer ( both human and machine ) interaction influences future outcomes,

we can confidently look forward and trust that we are following the path of least action to profits on time’s one-way arrow into the future. An that alone sums up how we are “thinking differently.”

How We Prepare for and Profit from Momentum Crashes

Going beyond looking at market outputs and conventional quantitative and fundamental ( aka, “quanta-mental”) factors, such as the negative beta effect ( when a stock gets too far stretched in a direction that is counter to the prevailing trends of other competing / benchmark assets) to explain away why momentum crashes happen,

Running Alpha, founder, Efrem Hoffman is laser focused on taking a more fundamental approach;

introducing a new factor, called Quantum-Classical Arbitrage,

that is naturally well suited for drilling deeper and exposing the inner dynamics of financial market networks;

specifically, those inter-connection effects among active and passive market players that converge to critically fragile points,

where micro-tensions and random-like variations among local market actors, or even something as subtle as a single small transaction, or the passage of time itself in the absence of any transaction,

can bend momentum perception biases at a quantum level --

small-scale node – market player group -- within a financial market network --

just enough to alter global-macro money flows, and trip the market’s fragile network structure into

seeding and/or amplifying the development of negative beta market effects among competing assets,

the very factors that are not just robust contemporaneous markers of momentum crashes, but which were independently identified statistically and

applied by Kent Daniel and Tobias J. Moskowitz’s [Journal of Financial Economics in Nov. 2016].

By giving early warning alerts of momentum crashes inside of the World’s Thinnest Risk Boxes™,

Running Alpha is helping investor and momentum traders turn situations,

where momentum strategies are failing,

into powerful profit centers across a broad-band of time-horizons, assets, industry groups and sectors,

no matter what vehicle one uses to express the opportunity, or what geography, or global-macro market climate one invests in.

To give you an idea of the remarkable impacts that our early avoidance alerts of momentum crashes and actionable anti-momentum market intelligence –

which profits from hot hand trends that fail, with price action reverting from the extremes after prolonged waves of buying or selling activity –

can have on your trading market performance,

let’s take a walk back to July and August 1932, where over this narrow interval,

[ anyone that bought the bottom 10% of broad-market assets returned 232% and those selling the top performing decile had a gain of only 32%.

Similarly, but with a thinner relative performance spread, in the Great Financial Crisis of 2009, over the three-month period from March to May of 2009,

those investors who bought a concentrated basket of the hardest hit decile performers – such as Citigroup, Bank of America , and Ford -- were on average down 84% from their peak, rose by 163%, while the strongest decile, including defensive and countercyclical assets, such as Autozone, gained only 8%.]

As good as these numbers are, they do not address how this strategy can be democratized for the retail investor and smaller boutique portfolio fund managers, who are constrained by the size of their trading accounts and/or liquidity conditions in listed public markets.

Given that most of the big money and recognized brands are located in the markets that have the broadest scope of companies, industries, and market players, offering the deepest liquidity, the U.S. equity markets, and particularly the S&P 500 is the global playing ground of market activity.

Allocating to 10% of the company stocks in such a large pool of indexed assets is out of bounds for most investors.

So, we utilized our knowledge of the inner workings of financial markets for creating a premium market intelligence subscription solution that enables you hold a very small basket of assets, without compromising the long-term anti-momentum performance advantage.

Saving you valuable time and emotional sweat equity, instead of applying outward-looking statistical indications for deciding what tier of assets you need to buy near the bottom of a momentum crash and sell nearer to the top of a trend on a given time line,

we have created Momentum Perception Maps™; enabling our inhouse trading markets intelligence platform to expose sentiment changes to our premium subscribers, before they happen.

By putting boundaries around price and time, we are revealing Panic Boxes™ and Opportunity Windows™, which are formulated for homing in on the inner product of decision-making biases;

telling you when to schedule your buying and selling activities, so that you can start capturing these most opportune moments of change, inside the observation intervals that are inherently designed for filtering out the market noise.

This will give you the confidence and comfort in building, trimming, and closing out positions at the right time -- either by replacing assets with a cash currency or alternative equity and/or ETF product that are in the earlier innings of an extreme trend reversal.

The Underlying Technology -- Powering the Alpha Trading Box™

Central to sensing these time windows of disproportional price impact to news-flow and sentiment events, one should observe a domino toppling competition,

where the dominoes are stacked in such a way as to maximize their toppling effect?

It’s very impressive. Each time delay and sequence must be precisely mapped out.

Knowing ahead of time which direction the financial dominos across a broad range of market sectors are going to topple is precisely what our game-changing technology, Momentum Perception Maps™ is able to define.

Momentum Perception Mapping™ and Crowd-Physics™ enhance our knowledge of market variability for sensing absolute risk levels and the cash cost of time of actively managed portfolios.

Our analysis for translating market asymmetry into Absolute Alpha Opportunities takes technical market data and price from a broad band of sampling intervals; and creates a market clock that dynamically maps out these future ‘toppling’ points,

So how do we do this?

We can determine when financial dominos are going to topple by identifying when market agents on different time scales will have incremental access to new data points of momentum change.

This is made possible by our MAGIC BULLET -- defining future levels of zero momentum (balance points) that precisely calibrate with price levels and valuation extrema across forward-looking time intervals. This calibration mechanism permits us to have simultaneous access to price and momentum, which are currently not permissible using classical measurement devices.

The fallacy of conventional methods is that they assume that knowing something is the same as measuring something.

While the laws of physics inherently prevent us from directly observing the physical universe; and measuring position and momentum at the same time, without ambiguity in our classical worldview;

because the moving parts, making up the momentum measurement device, would be too variable and interfere with the positioning of the object's spatial presence,

it leads us astray, with a measurement of a new reality, one that is often starkly at odds with what was intended to be observed.

there is nothing that stops us from having knowledge of both price position and price momentum.

Knowing how to filter out these information mirages will allow us to enhance the dynamic capacity for technical and behavioral systems to see Black Swan Events for what they really are -- mostly ordinary phenomena that take investors by surprise, predominantly because they are confined to man-made constraints imposed by measuring output patterns in price or performance instead of observing the input processes that drive the lags between conflicting market perceptions and future realized performance realities.

We can therefore, now see one definite state without being subject to a time lag between what’s actually happening and what’s being perceived,

as the mismatch between perception and reality is so often the case, when observing a smoke trail after a fire ceases existence.

This inherent delay of classical measurement devices is the only prevailing means that standard market theory has had to collapse the mixture of perceptions onto a single reality. It is this recurring time delay, which has interfered with our perception of current and evolving market conditions.

Our proprietary Momentum Perception Maps™ can remove these road blocks by circumventing the dilemma of Schrödinger’s Cat – embodies the principle of superposition, where more than one state can be observed and coexist at the same time; in this case, a cat that is both dead and alive, or a market trend that appears both bullish and bearish.

We do this by making only one measurement – price itself, and as a natural consequence of the price field calibration with zero momentum balance points, we can instantly know with zero latency how sensitivities in valuation would affect how momentum would be registered and aggregated across different investor time frames.

By being able to see the proximity of these balance points, likes isobars of constant air pressure on a weather map, we can immediately sense when small adjustments in valuation lead to big differences in market perceptions and inflows and outflows of capital. It is at these critical inflections where financial decisions to buy and sell are made in earnest.

By marrying our knowledge of accumulation of financial commitments from one level ( balance point ) to the next, we can quantify how much market pain ( Cumulative Dollar Losses ) is required on specific investor scales to set in motion a self-reinforcing feedback cycle that accurately defines the amount of market volume and transaction price bars ( on a given data sampling interval ), that are needed to dynamically unwind crowded investment positions on both the buy and sell side.

This market information is especially useful for telegraphing the magnitude, duration, and frequency of runaway market manias and panics.

These predictable episodes of “irrational exuberance" and pessimism serve to expose hidden vulnerabilities in a wide range of asset classes, and portfolio strategies.

Heisenberg states that one cannot measure the momentum ( speed and direction of a moving mass ) and position of a particle at the exact same time. The reasoning behind this principle is that the device required to perform the measurement must be made up of moving parts to register the rate of change of a moving particle.

The moving parts that comprise the measurement instrument would interfere with the observation, namely the current conditions of the particle under study; so we would no longer be measuring the particle's momentum, but rather the momentum of the displaced particle that has been interfered by the measurement device -- to be referred to as "Heisenberg Interference."

In the financial markets, an analog of this principle relates to the problem of measuring the price value of a financial asset and the rate of change of that asset's price over time (known as the price momentum).

[The mass of a price is proportional to the volume of trade associated with transactions sizes placed by traders that make decisions on the basis of different investment time-lines.

To overcome this dilemma, we have done away with the need for using a measurement device (i.e., MACD -- Moving Average Convergence Divergence Oscillator, or other variants that measure the divergence between High-Frequency and Lo-Frequency Filters ) to calculate momentum --

We did this by overlaying "iso-bars" of constant levels of zero momentum on a price chart; one for each time horizon mass (as there is a different mass associated with each investor time-line) -- similar to the presentation of constant lines of equal pressure on a weather map.

Because these zero-momentum flight paths are leading indicators of what would actually be measured by market decision-makers (buyers and sellers) on different time-lines when the future arrives, we need only measure the location of price (publicly available real-time information), thereby circumventing simultaneous measurements of price and momentum.

That is why we can know the value of both by measuring only one -- hence the conventional assumption, which requires us to measure something to know something is challenged, as we are now capable of knowing two pieces of information -- price and momentum bias -- through only measuring price (as captured by real-time streaming exchange feeds), and calibrating the other ( momentum ) in advance.

Because the zero-momentum calibration to future price levels is performed by the physical laws of nature -- the self-organized interaction among decision-makers on different time-lines (to be referred to as endogenous black swan activity (Dragon-Kings)-- internal to the system of interactive behavior), we need not assume momentum must be measured to evaluate it –

we need only wait for future prices to arrive in real-time from the publicly available open-market price data, in order to infer the distance of price from these zero balance points -- thereby, giving us an instantaneous measurement of both price and momentum bias.

Because these iso-bars of zero momentum are non-linear in shape -- hence, their slopes are variable along each of these forward-looking time-lines (beyond the current price), they have the ability of indicating when new incoming market information (price-based data -- even when no change in price) will be perceived as increasingly bullish or bearish with the passage of time.

So, time itself becomes the source which induces change, even in the absence of changing price data or fundamental head-line news. This inner order of things is often felt, but is not something that can be quantified with conventional metrics.

When zero-momentum isobars are ascending with price, then the price momentum is decreasing; and when the isobars are descending with price then the price momentum is increasing.

We then utilize Quantum-Inspired Machine Logic for determining the sum non-linear effect of these interacting zero-momentum isobars. This gives us an indication of the future market bias at different times along the contemplated holding period for each portfolio asset under analysis.

In plain English, our proprietary mathematical-physics algorithm, relates the curvature of momentum to the probability flow ( of its interacting parts ) from one place to another, as time passes.

In other words, it’s like seeing the cross-market player impact of history on a multi-dimensional chess board before it occurs, across world capital markets,

so that we can unpack the complexity of the behind-the-scenes quantum machine intelligence, into actionable alerts of emerging high-impact opportunities, that even the most novice market participants can use for enhancing both their investing and trading edge.

What is really exciting is that this fundamentally new approach, we employ inhouse, for generating investing intelligence, gives us clear a competitive edge at:

gaining precision insights into the headspace of market competitors –

revealing their perception biases to momentum trends, without the need for probing or measuring price, or measuring momentum in real-time;

telling you when your data sources will have the most value, so you can even turn a weak signal into beacons of opportunity, without wasting your valuable time and resources, chasing down short-lived market trends in choppy waters; and

determining whether or not a piece of data ( a momentum perception bias ) is entangled with other similar pieces of data, even if they are so vastly separated across space and time that they could never directly communicate

It’s one thing to observe the catalyzing of a group of interacting market entities and market variables into an entangled state without regard for their stability and permanence,

but it’s quite another to discover the optimal way an entanglement matrix should be configured for instantaneously communicating at-a-distance, while ensuring a quantum algorithm is functional, efficient, antifragile and insensitive to extraneous ambient noise,

for long enough to be useful for both performing a calculation and executing the logical instruction sequence for profiting from a market inefficiency.

The placement of each entity [ market player perception bias of a market variable – price, volatility, momentum, sentiment ] must be just right relative to its neighbors,

such that the algo can mimic how nature follows the path of logical congruence and least action,

for making both instantaneous and spontaneous connections at a distance across a broad spectrum of disparate scales.

This is a challenging problem we solved for giving foresight of unusual events; including their magnitude, direction, duration, and price persistence.

Running Alpha is levering counter-intuitive properties of quantum computing networks for bringing both the human and machine observer into the contrarian decision-making equation, for super-exponentially accelerating the precision sensing of future action-reaction chains in Financial Market Sentiment.

To give you a sense beyond the obvious, of why the task of efficiently processing complex data and weighting and blending the factors ( unique technical / fundamental data fields ) of its many billions of interacting parts -- human and machine-based decision-makers,

has been such a "wicked" challenge for the investment community that is still relying on classical ( binary logic ) computing methods, one must first understand its greater fundamental significance is governed by the underlying processes and physical properties of natural systems, namely:

Chaos Theory, and Quantum Uncertainty -- expressed by the "Heisenberg Uncertainty Relation" in scientific circles.

First off, Chaos Theory ( "Deterministic Chaos" in scientific parlance ) simply means that extraordinary precision would be needed in measurements, in order to know what is going to happen in the long run -- i.e., "Butterfly Effect" -- something as appearing innocuous as a flap of a butterfly's wings in the Canadian Rockies can cause global weather patterns to yield economic peril across the Atlantic.

In other words, sensitive dependence on initial conditions in non-linear complex adaptive systems, like financial markets, translates into widening divergences as time marches on, so much so, that what first starts out as an independent path in price, time, and value, quickly starts crossing others ( alternate paths of equally independent agents of market change ) in the future;

causing interactions at the crossroads to deem the initial extrapolation of past trends inaccurate across all fractal scales of human and machine observation.

Our market maps, which utilize a new mathematical framework, Relational Perception Calculus™, developed by the founder, renders high-definition visibility of these interactions ( in perception space ) before they show up in the macroscopic behavior of price, sentiment or fundamental economic or financial indicators.

Chaos in Financial Markets is the least of what should be keeping quants up at night;

Quantum Uncertainty is the Mammoth-Sized "Elephant in the Room." It simply means that precise values for both position and momentum -- velocity*( mass -- transaction volume ) of a particle ( aggregate price / valuation observed by a market participant ) are, in principle, unknowable.

In a sense these numbers don't even exist until they are measured, because before they are observed they exist in more than one state at the same time;

until the final moments of decision-making, when the observer probes the region where the particles reside, and disturbs the configuration, tipping the system into a state that is radically different from what was intended to be measured.

Since all measurement devices ( observers ), no matter how small interact with the environment; it renders conventional market observation tool-sets ineffective at quantifying instantaneous change without introducing uncertainty;

and when combined with deterministic chaos, can profoundly influence even macroscopic ( i.e., macro-economic ) behavior in unintended ways. As will be seen later, our algorithms not only correct for these episodes of collateral damage ( or benefit / beauty ), but leverages them against less informed traders for competitive positioning.

This type of ambiguous measurement goes on all the time in the financial and economic marketplace, and is known as "probing the markets." Market players do this to get inside the head-space of their adversaries, and acquire access to their intentions;

it involves placing phantom orders ( orders of magnitude more devious and inconspicuous than spy shoppers in the brick-and-mortar economy ) -- orders lacking deliberate execution.

This type of "spoofing" was prominently displayed during the flash crash of 2010 by market predators, to game the system for short term reward and long-term strategic advantage.

Our system flagged this nefarious behavior to within a three-hour orb ( window ) over one month before its onset, and continues to actively monitor such activities to circumvent future portfolio landmines.

To this end, today's robo-traders, no matter how sophisticated, relying for the most part on Artificial Intelligent (AI) machines, that learn from experience ( real-world measurements ), are doomed to fall prey to this uncertainty and ever-increasing disorder ( High Frequency traders fall prey to this uncertainty condition. )

Our mission is to harness these original foresights for providing actionable intelligence and alternative performance metrics that can more efficiently diversify a portfolio of assets, without giving up extraordinary gains from otherwise costly hedges.

Instead of paying for portfolio protection against market crashes and short covering rallies, we help retail, HNWIs, family Offices, institutional investors and corporate capital investment allocators turn these emotionally-charged chaotic market states into a clear competitive advantage.

Our Quantum-inspired Investment and Trading Research platform is applied to both public exchange data and unlisted dark pool venue sources, for:

helping active subscribers hedge organically for an anxiety-adjusted profit instead of a cost, so we can shrink the gap between reported fund performance and actualized individual retail investor returns.

When investors are in an idea drought, Running Alpha’s Bottom-Down Intelligence of sentiment-aware momentum perception changes and positioning trends of smart and speculative money investors, provides a powerful research framework for generating contrarian themes and identifying convex/asymmetric trades,

where the distribution of asset price impact from changes in news event sentiment are disproportionately more favorable on the upside of the performance curve relative to benchmark assets than on the downside of the profit-loss curve, relative to other competing assets, and on an absolute return basis, over a given opportunity interval (Alpha Trading Box™).

Here are some key ratios we overlay on our proprietary market maps, to give us an indication of when an asset’s behavior will be transiting into a state that will be governed by an asymmetric momentum process.

Here

(i) Bullish turning points in the VVIX/VIX ratio chart, where VVIX is the variance of volatility, and VIX is the volatility;

(ii) Observing when the 10-year yields (TNX) and the U.S. Dollar Index (DXY) top out, and reverse downward – particularly when (TNX*DXY)/1.616 starts falling, particularly if from an historically high level;

(iii) When realized volatility in the now has a forward bias for falling faster than the cost

for hedging against volatility in the future – as expressed by the VIX/VXX ratio; and

(iv) When the appetite for fear-based Out-of-The-Money (OTM) option hedges are falling, as reflected by the rising level of the VIX/VOLI ratio.

We also offer clients customized insight into identifying and pre-casting ( putting boundaries around ) changes in the volatility structure that would be favorable and unfavorable for hedging strategies, that involve the selling of premium and protection against tail-risks;

These include sensing five dynamic elements, namely when:

(1) changes in market expectations of volatility and the price of uncertainty, as reflective of the rising levels of dispersion and disagreement among professional forecasters, with regard to a given sources of risk – i.e., inflation risks – will be having the biggest impact on the risk premium – i.e., inflation risk premium.

This gives us insight into when market is paying too much for risk-protection; serving as an indicator of when to dial up or dial back market exposure;

(2) downside tail-risk protection is cheap, as expressed by: VIX/VOLI fear gauge, and when our strategy framework is anticipating this ratio to be rising faster than the cost of tail-risk hedges (TDEX) – when (VIX/VOLI)/TDEX is increasing;

(3) downside hedging premiums are cheap (PPUT), as expressed by the VIX rising faster than PPUT – when (VIX/PPUT) is rising;

(4) the interconnected network structure ( topology ) of market player perceptions is on the cusp of a transition from contango to backwardation; meaning forward cost of uncertainty is lower than the realized volatility in the present and/or nearer by points in time; thereby signaling market turbulence ahead, which we observe, inhouse, on our proprietary market maps as rising values of the VXX/VIX ratio.

(5) those bullish-biased intervals, where market fear is likely to be reduced and declining -- when the price of uncertainty at nearby price levels is anticipated, by our market maps,

to be disproportionately rising relative to the price of uncertainty for hedging against price moves at far-away tail risk price levels, as can be observed on a VOLI/VIX ratio chart, that is rising.

Specific Trading Market Use Cases Of Our Unique Alpha Edge

We named our subscription service the Alpha Trading Box™ to reflect our unique edge at putting actionable boundaries around price and time, so you have the comfort of knowing where to place your trades before the alpha train leaves the station.

This helps investors and active traders in maximizing the efficient use of human and monetary capital, while profiting from uncertainty with the least amount of anxiety, which is the hallmark of our Comfort Investing™ brand.

Powered by a new evolution of Quantum-Inspired and Sentiment & Perception-Aware Predictive Intelligence,

our service is formulated for helping you know when and for how long news events & social media stories will be biased for impacting stock prices & amplifying the current trend in your favor.

Going beyond analyzing how cycles in price (outputs of human decision-making) and fundamentals of supply and demand for money, and goods & services move prices,

Running Alpha applies a forensic analysis of sentiment feedback cycles impacting price; by homing in on supply and demand imbalances in Human and Machine Perceptions of forward-looking market valuation, momentum, and sentiment trends (the decision-making inputs),

that will be giving our priority list of stocks a persistent tail-wind across a wide spectrum of time-lines --

-- including intra/inter-day intervals to inter-week, and intra/inter-month intervals, all within the context of larger-scale secular longer term secular and generational trends.

By seeing beyond hot-zones of current sentiment activity,

we enable you to build intelligent portfolios that know where the global influencers and insiders will be tuning into next.

Plugging into the physics of how these human and machine perception biases will be interacting when investors find themselves in emergency situations -- on the wrong side of the trade,

the investment research framework is designed for shining light onto the corners of the marketplace that will be most responsive to sentiment-moving events; those amplifying the impact of good news on investor returns, and lessening the effect that negative market information has on forward market prices, relative to your alternative equity investment choices.

By analyzing complex supply and demand interactions between human and machine market players, the Alpha Trading Box™ is better positioned for delivering early insight into:

(1) when aggressive buyers or sellers will be coming into a stock; and impacting forward price, volatility, and liquidity trends, as well as:

(2) the most actionable ways for best expressing emerging mega-trends in USA and global equities; with a strong focus on Exponential Technologies: Industrial Automation & Business Intelligence; Electrification and Clean Energy; Consumer Life-Style and Health Trends; and Hard Assets, including Precious Metals, to name a few.

Knowledge of this time window is highly beneficial to investors in so far as it unlocks insight into not only:

the optimal time frames day traders and longer-term investors can use to avoid market noise; but also

tells you how far out the market is discounting information and beliefs into the future.

This can better help investors in properly assessing forward changes in price multiple expansion or contraction, which are key determinants for making a correct valuation call, and profiting from it.

We do this by essentially making three high probability predictions:

when a particular stock will be attracting the most eyeballs in the very near future;

to what degree these eyeballs will be magnifying or modifying the marketplace sentiment; and

the time span (duration) of active investor interest in a given asset – i.e., how long human and machine attention patterns will be remaining in play before they start exerting the anticipated impact on asset price and volatility behavior.

Knowledge of these time windows is highly beneficial to investors in so far as it unlocking insights into not only:

the optimal time frames that traders and longer-term investors can use for avoiding market noise; but it can also be used for:

telling you how far out the market is discounting information and beliefs into the future;

properly assessing forward changes in price multiple expansion or contraction, which are key determinants for making correct valuation calls, and profiting from them; and

evaluating how well a given asset manager is positioned for outperforming their benchmark with the least tracking error and strategy drift.

Although many market participants inappropriately apply the CBOE Volatility Index (VIX) as a fear gauge to make sentiment timing decisions and spot extreme market reversions,

we have successfully created much more powerful and reliable in-house proprietary tools for gaining high-conviction insights on listed & dark pool money flows and sentiment inflection points, with a world-class record of accuracy, and for

systematically indicating when: contrarian investors; short sellers; and market dealers, should be prudent in adjusting their positions --

dialing up or dialing down risk in specific capital market securities, that are experiencing unusual volatility.

Particularly during times of market stress and uncertainty over fears of potential economic weakness, many value-oriented investment strategies, that focus on assessing a company’s value, are building in assumptions that may not be valid during their benchmark holding interval.

For example:

Intrinsic value models, which look at how current asset price valuations are diverging from the underlying economic value of the business, make the assumption that management’s ability for navigating around uncertainty will not cause the intrinsic value of an enterprise to materially change as a consequence of being under pressure of pursuing inefficient capital raising, operating, and corporate asset allocation strategies during investor holding intervals, that may be adjusting in response to changing levels of uncertainty.

DCFs ( Discounted Cash Flow Models ) also make the assumptions that your holding period will be matching up with the time horizon used for discounted future cash flows. There are long stretches when the returns from both the stock and bond market indices are much lower or higher than the historic average.

Because both of these models are typically valuing assets based on fixed market rates

( risk-free interest rate of treasury securities ) and the historical equity risk premium the premium that investors demand over and above the risk-free rate -- the historical average total market rate of return that has been compounding annually at near 6.7%) since 1801 ),

their values are not always reflective of current and future conditions, which

can be better expressed by the much narrower range -- 4.63% to 6% since 1928 -- of implied equity risk premiums, that are more realistically predicated on a world of future earnings and dividend expectation estimates, that are changing dramatically in all its interconnected dimensions,

particularly given that historical equity premiums have a notable record of frequently fluctuating wildly ( from 4.12% to 13.08% between 1928 and 2022 ) in a non-stationary path into the future, across different holding periods and discretionary choices of the averaging process; thereby making false assumptions about the stock market and underlying economy.

Running alpha can help value investors solve for these deficiencies and steer clear of value traps by complimenting implied equity premium and intrinsic value models with a new framework that can quickly spot emergent market anomalies before they happen, and

convert them their ambient uncertainty into life-changing asymmetric opportunities, that are often found beyond the outer edges of the historical market return distribution.

Because conventional valuation methods, including those using implied equity risk premium models, are not designed for accommodating supernormal market events of increasing frequency, breadth, and global economic consequence , as we are increasingly experiencing today;

they, on-balance, lack the capability of delivering consistent returns streams, without subjecting the investor to long stretches where asset values decline; and long before market recognizes the value narrative, many investors do not remain solvent long enough before experiencing the pay day.

To see a clearer picture of the path forward, particularly in situations when:

the uncertainty of asset prices, both bonds and equity, in the near future exceeds the uncertainty in the distant future; and

the uncertainty of both is rising, and when

the perceived threat of some macro or corporate event on the horizon, can start impacting asset price levels and add extra uncertainty over the belief that the discounted rate and growth multiplier are the right values chosen,

Running Alpha makes it a priority to monitor changes in market uncertainty ( which impacts the belief factor of a model ), so that DCF investing frameworks can discount the future cash flows for the belief rate of an estimate, given the uncertainty.

So, by paying attention to when uncertainty in future expectations of nearby and far away points [on the term-structure curve] are diverging or converging,

we are in a better position for offering very valuable insight into when the belief factor will be rising or falling.

When we see the belief factor rising, on-balance, value investing tends to offer more reliable results, so long as the forward Sentiment Jetstream we track, as a leading indicator of trend conviction, shows favorable investor attention patterns to positive information catalysts, across a broad-band of scales.

That is why we prefer focusing on what really matters for generating sustainable alpha performance –namely, where expectations are, and where it is most likely that future events will be diverging from the collective forecast ( the consensus estimates ).

Calibrating forward, through the lens of our inhouse proprietary market maps, our cross-asset focus on universal measures of:

the cost of uncertainty ( as expressed by implied volatility at strike prices used by smart-money informed investors ); and

the skew (measures how much risk market participants are willing to bear and let markets fall, before hedging starts kicking into high gear, for offering tail-risk protection),

allows risk managers and traders to:

not only see what markets believe will be the next sources of risk; but also

discover customized benchmarks that best measure changes in these sources relative to consensus, at different time points along the forward risk curve; for:

better sensing regime changes in risk sources, that can play out across different investment holding intervals, and trigger otherwise unexpected shocks, of high consequence, in asset prices and the real economy

[ NOTE: It is Efrem’s perspective that this is one of the most critical and enjoyable parts of trading, particularly analyzing the sources of risk that are influencing a given asset or market of stocks, and then quantifying how much risk is priced in for each source.

This requires relative performance and relative risk analysis of many inter-market factors – both at the micro and macro level, which Running Alpha incorporates into its analytic decision-making process.

By identify when changing sources of risk will be interfering with our original trading thesis, we give our premium subscribers insight into when positions should be adjusted or swapped for new opportunities with a defensible thesis.]

Where It All Began, Efrem’s Early Days … Salient Highlights

Growing up in the Canadian prairies and travelling the Midwest states, Efrem quickly became attuned to the nuances and vagaries of adverse climate eco-systems and emergency situations -- many times having live close-up encounters with a myriad of severe weather spectacles, including F3 and F4 tornadoes in action, accompanied by baseball and even soccer ball size hail stones, that flattened crop land and vegetation.

These events fostered Efrem’s broad-based intuitive appeal for understanding what it takes to connect what is actually occurring outdoors with what is presented as an artifact on conventional instrumentation, such as weather and Doppler radar imagery.

Following his unconventional academic studies and meteorological club activities, where he spent time observing Doppler radar patterns of Severe Weather Events, while attending University of North Dakota’s ( UNDs ) Aerospace Science Center for Atmospheric Studies,

where he received: the President D.J. Robertson Achievement Award; and an offer by the dean to make a formal recommendation for pursuing studies at West Point Military College, which he respectfully declined the introduction,

his passion for hunting down unusual and super-linear events became the subject of both my engineering thesis at the University of Manitoba ( U of M ), Canada in the mid 90's, under the instruction of a world-class computer and electrical engineer, Dr. Witold Kinsner,

who was the inventor of the technology underlying Xilinx’s FPGAs -- circuits that can be reconfigured programmatically for modifying their own hardware logic function;

who is an icon of IEEE, with over 50 years of unflagging research service in the fields of Cognitive Systems, Satellite Design and Analog and Digital Control Systems, Field Programmable Circuits, and “robust algorithms and mission-critical software/hardware computing engines for:

real-time multimedia, using wavelets, fractals and novel fractional calculus applications, chaos, emergent computation, genetic algorithms, rough sets, fuzzy logic, higher-order statistics, and neural networks.

As an active project member of Storm Identification Project,

Efrem’s first major research innovation involved the:

Application of Next Generation Artificial Intelligence Methods:

Multi-Resolution Self-Organizing Neural Systems, Vigilant Feed Forward Counter Propagation Networks with built-in conscious mechanisms, and Artificial Rule Based Experts,

for creating transformational advantages to Early Warning Identification of Weather Radar Signatures (tornadoes, macro/micro-bursts, and general summer storm phenomena ) [1993- 96].

Before Machine Learning became a buzz word, these experiences and diverse informatics tools formed the basis of Efrem’s multi-year project leadership;

a collaboration with an Artificial Intelligence consortium of academic and industrial engineering bodies, including:

Info-Magnetics Technology, a leader in Canadian Informatics Intelligence and Data-Casting;

The Center for Atmospheric Research of Environment Canada (AES);

TR Labs, an Engineering Think-Tank specializing in data communication and fault tolerant mission-critical computing, in association with both:

The U of M’s Department of Computer and Electronics Engineering, and

Academic Engineering Professionals and Research Scientists from abroad,

where Efrem was:

collaborating with his thesis instructor, who was the inventor of the technology underlying Xilinx’s FPGAs -- circuits that can be reconfigured to modify their own hardware logic function; and

successfully programming classical computers to quickly learn how to see; self-teaching themselves how to extract abstract patterns for chasing down tornados from 3D weather radar signatures in the Canadian Prairies.

Efrem received special recognition and a written recommendation from his Computer Engineering Thesis Examiner, Anthony Keck, the Chief Research Scientist and Director of Meteorological Research at AES's Prairie Storm Prediction Center at that time,

for engineering a unique software prototype, that delivered significant contributions to best practices for autonomous nowcasting and generation of early-warning alerts of developing tornadoes and impending severe summer storm event hazards.

specifically developing AI Prediction Algos and Hierarchical Machine Learning software from the ground up, that accelerates computations by up to 1000X, through exploiting nature’s unique property of self-organizing neural network feature maps,

The consortium’s research project later became the subject of a pilot study in Ottawa in the mid 1990’s.

Following completion of Efrem’s Thesis (332pp + working software prototype) in Computer Engineering at the University of Manitoba in 1996,

Efrem was granted two U.S. patents with 27 systems and process claims (U.S. Patent #s: 66,035,057; 6,278,799) in the early 2000’s,

relating to Hierarchical Pattern Recognition and Artificial Intelligence Modeling of Real-Time Mission Critical Applications,

including information extraction and visualization of principal component features from high dimensional multi-source data sets,

regardless of the underlying statistical distribution -- including, but not limited to financial, atmospheric, and cryptographic data.

Leveraging unique insights into the emergent patterns of self-organizing unsupervised learning maps,

the method demonstrated an increase in the training speed of synthetic intelligence networks by up to 1000-fold, while at the same time significantly improving classification accuracy to within the order of 95%.

With a keen interest on how Efrem’s thesis contributions can be applied to capital market pricing and portfolio management, in the late 1990s, a former Acting Head, Charles Mossman, of the Accounting and Finance Department for, the now, Asper School of Business at the University of Manitoba, who later also served as Associate Dean,

introduced Efrem to Paul Brockman, a leading colleague from the Chicago School of Capital Asset Pricing, who is now the Perella Chair of Finance and Senior Associate Dean for Faculty and Research at Lehigh University.

After interacting with them in many engaging discussion and debate sessions, Efrem presented a convincing argument that forever changed Paul’s mindsets from a student of Efficient Market Theory ( EMT ) to one exploring the merits of Inefficient Markets-In-Practice.

Based on their newfound synergies, they immediately extended an invitation to collaborate with Efrem on AI-Powered stock return predictability project, which ultimately inspired Efrem to expand his business and career focus from StormTech to FinTech.

This ultimately led Efrem spending the next two decades iterating toward a more realistic investment philosophy, that overhauls the EMT and its backward-looking assumptions of how asset prices are generated; and

replacing them with a more realistic data-driven framework of stock return predictability that puts the science of human observer interactions and action-reaction feedback chains into the valuation equation.

It became clear to Efrem that this technology has innovation use cases in many disparate market verticals, for systematically gaining insight into unusual events before they come into being, with high granularity and confidence in hostile environments.

So, he then went about re-iterating these innovation frameworks for rapid application prototyping of time-relevant Information Murals (Drill-Down 3D Visualizations) of massively high-dimensional data sets – having applications that extended to other fields, such as financial forecasting, medical diagnostics, and earthquake prediction.

Efrem took notice that the non-linear, non-stationary, and muti-feedback properties of storm systems he has been studying, lend itself to financial market applications and prediction;

What you see when looking out the window or observing price action on a trading chart, is very different than the physics behind the interaction effects of particles;

whether it’s precipitation and wind patterns along a storm front or changes in human perception and behavioral biases, driving consumer purchasing trends and stock market sentiment,

the particle interactions making up the patterns, must come together to create the spectacular outputs we inevitably see and experience later – tornadoes or a violent market crashes per se.

While there are some similarities, given that relationships among emotions are abstract figments of reality, much like weather radar images of tornado-producing supercells look nothing like what you see and experience outside,

there is a vast difference; namely:

making a prediction of a storm and how you feel about the weather does not change the outcome,

whereas, market sentiment and expectations around future financial events, and how people feel about the current market action,

particularly when they have reached a consensus view,

has a profound influence on how the crowded-trade positioning going into an event can become a driving source of the market’s vulnerability to future change, coming out of it.

Efrem knows first hand through his research and development experiences in these areas, that:

Not all things or emergent trends in the world can be rendered with immediate visibility;

this is especially relevant to human-driven financial market enterprise.

Solving for this, Efrem has spent the last 25 years rethinking the way we can all start collaborating with the underlying physics of nature, for better exploiting uncertainty for competitive advantage in world capital markets.

That brings us to today, where Efrem has built an elegant mathematical framework, that Running Alpha utilizes for hunting down actionable opportunities, navigating around risk, and making sense of the global-macro inflation and growth puzzle, that is affecting your part of the world.

With particular interest in using this technology for helping retail investors and professional money managers at:

not only putting boundaries around future windows of opportunity and tail-risk events, but also:

augmenting and extending the alpha potential and shelf-life of both existing strategies and alternative data products.

With so many of today's tech disruptions and buzzwords being inappropriately applied; leading investors to be making big bets – with human and monetary capital -- on innovations and their future impact at precisely the wrong times,

Efrem has dedicated his life's work to:

developing scientific and engineering mindsets and toolsets for unpacking uncertainty and preparing for rare, high-impact, and unexpected extreme events ( Dragon-Kings );

opening new ground for gaining foresight into emergent properties of complex adaptive multi-fractal systems, and

levering market uncertainty, momentum perception and behavioral decision-making biases, trade positioning, fundamental strategy framework inefficiencies, regulatory constraints, and market micro-structure of public exchanges and unlisted “dark” markets, for:

generating comfort-adjusted portfolios; and

keeping investors on the right side of history with actionable portfolio intelligence that is informing premium subscribers on how to enter the right assets at the right time,

while, simultaneously “Hedging-For-A-Profit” Instead-of-a-Cost in All-Volatility Environments -- inside the Alpha Trading Box™.

With a mindset bent on converting uncertainty into a competitive edge in global capital markets,

we’re the first FinTech organization in the world that harnesses Bottom-Down Analytics™ and Quantum Information Intelligence in every decision we make, for providing early-warning alerts of exceptional breaking points ( aka, Exceptional Points ) in Emergent Complex Networks, specifically for:

emphasizing the importance of rare outlier events and putting bullish and bearish boundaries around them, given tomorrow's unique challenges and uncertainties that have no historical analogs for seeing disruptive change before it happens.

This is critically important in the world we live in today, because at least 100 years of global market data from all directions show that unexpected shocks, not telegraphed by the external expression of market forces, are responsible for periods of high and persistently rising inflation rates, which defines our market climate today.

That is exactly why we have fine-tuned our technology framework, and launched our market intelligence subscription service around it -- for seeing beyond our event horizon; and

Rendering visibility of the internal interaction effects among market players, from the very smallest ( quantum) to the largest scales (global-macro), before you arrive in the future.

Efrem’s Bottom-Down Intelligence™ (BDI) approach ( more on this later ) offers a new lens for decoding when discordant sources of market perspectives will start leading to:

high-conviction insights that get you:

Outside the Penalty Box and

Inside the most Time-relevant alpha opportunity zones,

specifically, when such uncertainty and ambiguity are extremely likely to generate coherent and emergent trends, with

extraordinary clarity before others will be taking a bite into your opportunity pie.

By rendering visibility into what disruptive changes in bias are lurking around the corner, our Quantum Prediction Machine ( nick-named, The Alpha Whisperer™) insights …

give investors the confidence of knowing that the reward-to-risk profile is correctly calibrated to the future supply and demand of otherwise unseen human and machine perceptions of the world around us, which are powering tomorrows Sentiment Jet Stream.

Plugged into the physics of interacting human and machine perception biases that power the movement of people, capital, and ideas in world financial markets, Efrem is passionate about predicting rare outlier financial events that have no historical analogue.

His sandbox for making sense of these is rooted in the scientific principles of Many-Body Physics, "Exceptional Points," and Quantum Mechanics.

With these tools, Efrem is opening new ground in understanding and scrutinizing the collective dynamics and unique forms of motion in systems with many interacting parts or subsystems --

which are:

( 1 ) undergoing extreme stress and emergency situations in times of wicked uncertainty and unprecedented change;

( 2 ) both competing for resources, and are free to move according to their own “preferences,”

across a broad-spectrum of macro-market regimes.

His investigations focus on the behavior of both physical and abstract objects with endogenous and spontaneous sources of energy --

in the absence of external shocks or stimuli, known as "exceptional points" --

that give rise to swarm intelligence and self-organizing system behavior.

Efrem’s studies have explored how dialing up or dialing down the competing preferences of active decision-making agents, can have a disproportionate or non-linear effect on the speed and duration of market phase transitions.

He observed that when many agents diverge in their momentum perception biases, at just the right moments,

there is a tendency for a constant collective movement, generated by the frustration in their competing tendencies.

It’s unusual because there’s no external rotational force – torque;

the rotation simply comes from the internal field effect created by how the agents communicate with each other interact.

Efrem has a keen interest in reconciling and unifying the fundamentally different scientific and mathematical frameworks for describing natural systems at the smallest -- quantum mechanics, and the largest scales -- general relativity.

He has opened new ground in the FinTech space by developing a universal framework for identifying subsystems and quantum correlations in a way that is compatible with general relativity.

Traditionally scientists reconstruct an understanding of the whole by first analyzing and making sense of the behavior of sub-components of a complex system, and then by finding correlations between them.

This approach has been used with great success to explain phenomena and develop applications based on quantum mechanics — the physics of matter and energy at the scale of the atom or smaller,

but it largely describes systems that operate in a world where time is absolute.

It falls short when describing scenarios that consider Einstein's theory of general relativity, where time is relative and tightly interwoven with space on a four-dimensional spacetime coordinate system.

Efrem’s vision is to engage both mankind and machines in opening up their capacity to see more, by offering a new framework for not only thinking about how quantum correlations among system actor states give rise to every-day macro events, but also

exposing these entanglements and creating situations that inspire and catalyze them into a persistent existence,

that corresponds with the desired impact on the prevailing classical interpretation of the world.

Instead of having composite building parts that are glued together into larger systems, the subsystems arise from the complex system, based on the kinds of entangled measurements that one can make.

The secret sauce is founded on acknowledging that the way we partition a system is also relative. It depends on who is looking at it.

How the information is presented is consistent with the theory of human action, in which solutions are found from a place of understanding the connection among:

market player perception biases of momentum and sentiment;

imbalances in trade positioning histories of listed and unlisted exchanges; capital flows; and

the logical inconsistencies of the classical strategy thinking frameworks,

which virtually all people and machines are still utilizing for creating tomorrow’s narratives.

Efrem research findings and real-time market calls have demonstrated that human and machine-based perspectives from different reference induce different sets of subsystem observable algebras and network connection topologies, which leads to a gauge-invariant, frame-dependent notions of subsystems and quantum correlations.

At Running Alpha, Efrem makes it his business to exploit different types of these quantum correlations:

Quantum Entanglement –

when decision-making perspectives of multiple subsystems of independent-minded investors,

instantaneously, spontaneously, and indirectly communicate their states with each other through their ambient field effect, regardless of how far they are separated in space or time – it’s like seeing things without looking at them;

and

Quantum Discord– a measure of the degree of quantum-ness of a system – number and strength of quantum correlations, so that one can tell how much a quantum system’s behavior diverges from its classical correlation counterpart.

The bigger the disagreement, the bigger the arbitrage opportunity; so, you can think of this measure, in our trading market use case, as a market “tell” of how inefficient asset prices are, and will become over a specified future path.

Quantum Correlations (aka, Quantum-ness ): the number and strength of correlations among two or more subsystems of market actor biases that are not entangled, but have the property of instantaneously influencing each other by communicating through the feedback effects of emerging price action,

in such a way that there is an impossibility of classically measuring their quantum states without disturbing them; thereby creating an unfair quantum advantage ( zero-latency, negative lag indicator of opportunistic advantage ) over current day best practices in technical, behavioral, and fundamental analysis,

for purposes of:

Identifying exceptional points, in the evolution of financial interactions, by:

investigating the internal behavior of financial system objects ( market players ), that are spontaneously giving rise to energetic market action, in the absence of both external shocks and financial, monetary, and social stimuli,

much like the self-organizing pattern generated when a swarm of bees or a flocks of birds interact.

Why?

Because, that is the best way to get ahead of external shocks, and identify and prepare your portfolio for otherwise unexpected episodes of inflation and toxic volatility.

[Other than the standard Disclaimer and Terms of service below, there is no need for: getting bogged down with any of the technical terminology; or reading through the whole description.

You can use this as a strategic resource and reference guide to valuable nuggets of trading wisdom, after you become a premium member.

Our premium subscribers have found the strategy be uniquely differentiated from anything they have seen before.

We do all the heavy lifting by taking all of the behind-the scenes details, and distilling it down to simple-to-follow actionable instructions, that a 5th grader could understand and execute quickly on their mobile device or desktop.

So, you have no learning curve for this premium service, and no need to understand the technical terminology to successfully use the service.]

DISCLAIMER:

Speculation in Equities, Futures, commodities, currency and options trading involves a substantial degree of risk and may not be suitable for all investors.

Past performance is not necessarily indicative of future results. This website provides only training and educational information. And by accessing any information of the Running Alpha Investments, Inc. site you agree to be bound by the terms of service and acknowledge the risk of trading as discussed below.

Thus, in order to comply with all applicable rules and regulations please be so kind and read the Disclaimer Below:

Running Alpha Investments, Inc. and support staff, associates, and/or affiliates is not an investment advisory service, or a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysis and employees or affiliates of this Company may hold positions in stock, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities , futures, derivatives, or currencies and commodities. This company, the authors, the publisher, and all affiliates of company assume no responsibility or liability for your trading and investment results. Factual statements on the company’s website, or in its publications, are made as of the date stated and are subject to change without notice.

In summary, active trading is not a game. It is not recommended for inexperienced traders or for persons who do not have sufficient resources and time to devote to their trading activities. Active trading is a serious commitment that should not be undertaken unless you are able to handle high risk and high stress well, and are willing to consistently adhere to objective and disciplined trading strategies and approaches.

This is not investment advice. Although Efrem provides macro-market and equity-focused consulting services to sophisticated alternative asset managers and boutique research advisories in Canada and Abroad, Neither Efrem Hoffman nor Running Alpha is a registered investment advisor. Under no circumstances should any content from this e-Mail and/or its website link(s) be used or interpreted as a recommendation for any investment or trading approach to the markets. Trading and investing can be hazardous to your wealth. Any investment decisions must in all cases be made by the reader or by his or her registered investment advisor. This is strictly for educational and informational purposes – and only reflects the output of Running Alpha’s Market Intelligence. Mr. Hoffman and/or Running Alpha may have numerous positions within the market at any given time that are not disclosed of at the time of publication. All opinions expressed by Mr. Hoffman and/or Running Alpha are subject to change without notice, and you should always obtain current information and perform the appropriate due diligence before making any investment or trading decision.

All efforts are made to ensure that the information contained within the Running Alpha site is factual and accurate – however, neither Mr. Hoffman nor Running Alpha, under any circumstances, can guarantee its accuracy or those of its underlying sources.

SERVICE TERMS OF USE:

Please read these terms of service use in their entirety…

THESE SERVICE TERMS OF USE (THE “AGREEMENT”) ARE A LEGALLY BINDING AGREEMENT BETWEEN YOU AND RUNNING ALPHA INVESTMENTS, INC. (“WE” OR “OUR”). BY CHECKING THE APPROPRIATE BOX INDICATING THAT YOU AGREE DURING REGISTRATION OR OTHERWISE ACCESSING ANY RUNNING ALPHA INVESTMENTS, INC. WEBSITE OR SERVICES, SOFTWARE OR OTHER MATERIALS (COLLECTIVELY THE “SERVICE”, AS IN REFERENCE TO EDUCATIONAL AND MARKET INTELLIGENCE SERVICES PROVIDED BY RUNNING ALPHA INVESTMENTS, INC ), YOU ARE INDICATING THAT YOU HAVE READ THIS AGREEMENT, THAT YOU UNDERSTAND IT, AND THAT YOU CONSENT TO BE BOUND BY ALL OF ITS TERMS AND CONDITIONS. IF YOU DO NOT AGREE WITH ALL OF THE FOLLOWING TERMS AND CONDITIONS, PLEASE DO NOT CONTINUE THE REGISTRATION PROCESS OR USE THE SERVICE.

1. Use of Running Alpha Investments, Inc. Messaging Channel / Services

The contents of the Service such as text, graphics, images, logos, audio, video, hypertext markup language, software, and other content and the selection and arrangement thereof (collectively, “Running Alpha Investments, Inc.’s Content”), are the property of Running Alpha Investments, Inc. and/or its business partners, affiliates, assigns, licensors or other respective owners. The Running Alpha Investments, Inc. Content is protected under both Canadian and international intellectual property laws. Running Alpha Investments, Inc. may include third party advertisements in or with some Running Alpha Investments, Inc. Content or in conjunction with your User-Supplied Content. You hereby consent to the display and playback of these advertisements in conjunction with your User-Supplied Content. To the extent you elect to use or access Running Alpha Investments, Inc. Content or User-Supplied Content from other Users, you also consent to the display of advertisements therein.

Subject to all of the terms and conditions of this Agreement, Running Alpha Investments, Inc. hereby grants you a single user, limited, non-exclusive, non-transferable and revocable right to view or receive Running Alpha Investments, Inc. Content on your compatible computer or device solely for your own investment research application use in connection with the Service and solely as authorized by Running Alpha Investments, Inc. in connection with the Service. Running Alpha Investments, Inc. reserves the right to revoke this limited license at any time in its entirety or with respect to any Running Alpha Investments, Inc. Content, for any reason, and at the sole discretion of Running Alpha Investments, Inc.

Except as expressly set forth in this Agreement, all trademarks, service marks, trade names, domain names, slogans, logos, and other indicia of origin that appear on or in connection with the Service are the property of Running Alpha Investments, Inc. and/or its affiliates and licensors. You may not copy, display or use any of these indicia of origin without prior written permission of the mark owner. All rights not expressly granted to you are reserved. For the avoidance of doubt, your use of the Service and the Running Alpha Investments, Inc. Content is under license and will terminate if this Agreement terminates, regardless of whether the relevant Service or Running Alpha Investments, Inc. Content is free or you have paid for it; you will not obtain any ownership interest in any Running Alpha Investments, Inc. Content through this Agreement or otherwise. You agree not to use, download, reproduce, modify, create derivative works from, summarize, display, perform, publish, distribute, disseminate, transmit, broadcast or circulate any Running Alpha Investments, Inc. Content or any summaries or restatements of any Running Alpha Investments, Inc. Content to any third party, except as expressly authorized by Running Alpha Investments, Inc. in connection with the Service. Any unauthorized or prohibited use may subject the offender to civil liability and criminal prosecution under applicable federal and state laws.

2.Disclaimer of Liability and Warranty.

Running Alpha Investments, Inc. disclaimers of liability in this Section are in addition to any other disclaimers elsewhere in this Agreement. Running Alpha Investments, Inc. has the right, but not the obligation, to monitor, modify, restrict the contribution of and/or remove User-Supplied Content, in Running Alpha Investments, Inc. sole discretion. Running Alpha Investments, Inc. has no liability or responsibility to Users for performance or non-performance of such activities. Running Alpha Investments, Inc. is not responsible to you for your reliance on or use of any content or materials constituting all or part of any Running Alpha Investments, Inc. Content, any User-Supplied Content, or any other aspect of the Service. You understand and agree that any loss or damage of any kind that occurs as a result of the use of any User-Supplied Content that you access through your use of the Service, is your sole risk and responsibility. By viewing the Service, you may be exposed to content that you rely upon to your detriment. You take sole responsibility for such exposure and reliance. Because user authentication on the Internet is difficult, Running Alpha Investments, Inc. cannot and does not confirm that each User is who they claim to be. Because we do not and cannot be involved in user-to-user dealings, nor do we control the behavior of participants on any portion of the Service, you release Running Alpha Investments, Inc. (and our licensors, agents and employees) from claims, demands and damages (actual and consequential, direct and indirect) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with any dispute among or between you and one or more Users. If you are a California resident, you waive California Civil Code Section 1542, which says: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.”

THE SERVICE IS PROVIDED ON AN “AS IS” BASIS WITHOUT ANY WARRANTIES OF ANY KIND. Running Alpha Investments, Inc., TO THE FULLEST EXTENT PERMITTED BY LAW, DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING THE WARRANTY OF MERCHANTABILITY, FITNESS FOR PARTICULAR PURPOSE AND NON-INFRINGEMENT. THE USE OF THE SERVICE ENTIRELY IS AT YOUR OWN RISK. WITHOUT LIMITING THE GENERALITY OF THE ABOVE, Running Alpha Investments, Inc. MAKES NO WARRANTIES THAT (A) THE SERVICE WILL BE ACCURATE, RELIABLE, COMPLETE, OR TIMELY (B) THE SERVICE WILL OPERATE ERROR-FREE OR FREE OF COMPUTER VIRUSES OR OTHER HARMFUL MECHANISMS. YOU WILL NOT HOLD Running Alpha Investments, Inc. RESPONSIBLE FOR ANY DAMAGES THAT RESULT FROM YOU ACCESSING THE SERVICE OR USING THE SERVICE AND/OR THE Running Alpha Investments, Inc. CONTENT. NO ORAL OR WRITTEN INFORMATION OR ADVICE OTHER THAN A WRITTEN AGREEMENT EXECUTED BY AN OFFICER OF Running Alpha Investments, Inc. SHALL CREATE A WARRANTY IN ANY WAY WHATSOEVER RELATING TO Running Alpha Investments, Inc. UNDER NO CIRCUMSTANCES SHALL Running Alpha Investments, Inc. BE LIABLE FOR ANY UNAUTHORIZED USE OF THE SERVICE AND/OR THE Running Alpha Investments, Inc. CONTENT.

3.Limitation of Liability.

IN NO EVENT SHALL Running Alpha Investments, Inc., ITS OFFICERS, AGENTS, LICENSORS OR SUBCONTRACTORS, BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DIRECT, INCIDENTAL AND CONSEQUENTIAL DAMAGES, LOST INCOME, PROFIT, OR GOODWILL, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION) RELATING IN ANY WAY TO ANY ELEMENT OF THE SERVICE, WHETHER SUCH DAMAGES ARE BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT Running Alpha Investments, Inc. IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. TO THE EXTENT THAT IN A PARTICULAR CIRCUMSTANCE ANY DISCLAIMER OR LIMITATION ON DAMAGES OR LIABILITY SET FORTH HEREIN IS PROHIBITED BY APPLICABLE LAW, THEN, INSTEAD OF THE PROVISIONS HEREOF IN SUCH PARTICULAR CIRCUMSTANCE, Running Alpha Investments, Inc., SHALL BE ENTITLED TO THE MAXIMUM DISCLAIMERS AND/OR LIMITATIONS ON DAMAGES AND LIABILITY AVAILABLE AT LAW OR IN EQUITY BY SUCH APPLICABLE LAW IN SUCH PARTICULAR CIRCUMSTANCE.

4. Third Party Links and Products.

Running Alpha Investments, Inc. controls only the Running Alpha Investments, Inc. Content and any other digital communications site that Running Alpha Investments, Inc. represents it controls, as stated on such other digital medium/websites. Running Alpha Investments, Inc. does not control or endorse any other digital site ( digital site is to be used interchangeably with web site for purposes of these terms of service use ) to which Running Alpha Investments, Inc. may link or on which elements of the Service may appear, or any services or products offered by third parties through the Service or the Running Alpha Investments, Inc. Content. Running Alpha Investments, Inc. does not provide or make any representation or warranty as to such third-party sites, nor as to the quality or nature of any of the third-party products or services purchased through the Service. Any such undertaking, representation, warranty or guarantee would be furnished solely by the proprietor of the applicable web site or the provider of the relevant product, under the terms agreed to by that third party.

5. Copyright Agent

Unauthorized copying or distribution of copyrighted Running Alpha Investments, Inc. Content or User-Supplied Content is an infringement of the copyright holder’s rights. At our discretion and in appropriate circumstances, Running Alpha Investments, Inc. may revoke the license of Users who infringe upon the copyright, or other intellectual property rights, of others. Pursuant to Canadian Copyright Laws, our designated agent for notice of alleged copyright infringement on the Service is:

Attn: Copyright Agent Running Alpha Investments, Inc. mailto: [email protected]

A notification of claimed infringement related to the Service must be a written communication addressed to the designated agent as set forth above, and must include substantially all of the following:

• A. A physical or electronic signature of the owner (or person authorized to act on behalf of the owner) of an exclusive right that is allegedly infringed;

• B. Specific identification of the copyrighted work claimed to have been infringed, or if multiple copyrighted works are covered by a single notification, a list of each copyrighted work claimed to have been infringed;

• C. Information related to the work(s) reasonably sufficient for Running Alpha Investments, Inc. to promptly locate the work (e.g., title of work, location within the Service, etc.);

• D. Information reasonably sufficient to permit Running Alpha Investments, Inc. to directly contact the complaining party, such as a complete name and address, telephone number, and an email address;

• E. A statement that the complaining party has a good faith belief that use of the work(s) in the manner complained of is not authorized by the copyright owner, its agent, or the law;

• F. A statement requesting that Running Alpha Investments, Inc. take a specific act with respect to the alleged infringement (e.g., removal, access restricted or disabled); and

• G. A statement that the information in the notification is accurate, and under penalty of perjury, that the complaining party is authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.

6. U.S. Government Restricted Rights

All Running Alpha Investments, Inc. Content supplied by or through the Service are provided with “RESTRICTED RIGHTS”. Use, duplication, or disclosure by the Canadian, and/or the United States Government is subject to restrictions as set forth in FAR52.22724 and DFAR252.227-7013 et seq. or their successor regulations. Use of any of such by the Government constitutes acknowledgment of our or our suppliers’ proprietary rights in them. In the event that the Agreement, or any part thereof, is deemed inconsistent with the minimum rights identified in the Restricted Right provisions, the minimum rights shall prevail.

7. Remedies

The remedies described in this section are in addition to the right of termination described under “Termination” and any remedies described elsewhere in this Agreement. Running Alpha Investments, Inc. reserves the right in its sole discretion to investigate and take legal action against anyone who violates the Code of Conduct or otherwise violates this Agreement, including without limitation, removing offending User-Supplied Content from the Service and/or suspending the offending User’s ability to access the Service. Further, Running Alpha Investments, Inc. may take any other action with respect to User-Supplied Content or User actions that it deems necessary or appropriate in its sole discretion, up to and including involving, and cooperating with, law enforcement authorities.

You understand and agree that any unauthorized use of the Service would result in irreparable injury to Running Alpha Investments, Inc. for which money damages would be inadequate, and in such event Running Alpha Investments, Inc., shall have the right, in addition to other remedies available at law and in equity, to immediate injunctive relief against you. Nothing contained in this paragraph or elsewhere in this Agreement shall be construed to limit remedies or relief available pursuant to statutory or other claims that Running Alpha Investments, Inc. may have under separate legal authority, including but not limited to, any claim for intellectual property infringement. You understand and agree that your cancellation of your Account is your sole right and remedy with respect to any dispute with Running Alpha Investments, Inc. unless you are specifically granted additional remedies by applicable law despite your agreement to so limit your remedies. In that case, your remedies shall be limited to those specifically provided by applicable law. You agree to defend, indemnify, and hold harmless Running Alpha Investments, Inc., its partners, parent, subsidiaries, affiliates, agents, distributors, contractors and licensors, from and against any claims, actions or demands, including without limitation reasonable legal and accounting fees, alleging or resulting from: (a) any improper, unauthorized or illegal uses of your User name, password and/or your Account (including illegal, unauthorized or improper use by anyone to whom you have given permission to use your User name, password and/or Account), (b) any User-Supplied Content or other material you provide to any Running Alpha Investments, Inc. Site, (c) your use of any Running Alpha Investments, Inc. Content, or (d) your breach of the terms of this Agreement, including without limitation the Code of Conduct. Running Alpha Investments, Inc. shall provide notice to you promptly of any such claim, suit, or proceeding.

8. Suspension or Termination

Running Alpha Investments, Inc. may, in its sole discretion, terminate this Agreement or suspend your Account at any time with or without notice to you in the event that you breach (or Running Alpha Investments, Inc. reasonably suspects that you have breached) any provision of this Agreement, or if Running Alpha Investments, Inc. is unable to verify or authenticate any information you submit to Running Alpha Investments, Inc. as part of the registration process. If Running Alpha Investments, Inc. terminates this Agreement, or suspends your Account for any of the reasons set forth in this paragraph, Running Alpha Investments, Inc. shall have no liability or responsibility to you, and you agree that you forfeit any amounts you have paid Running Alpha Investments, Inc. Running Alpha Investments, Inc. may terminate this Agreement and your Account for any reason or no reason at the end of the then-current Term by providing notice to you.

You may cancel your Account (including Subscription Services) at any time by making an on-line request at Running Alpha Investments, Inc. via the communications face that the service is delivered on. All fees paid prior to termination as provided herein are non-refundable, including any advance payment for the subscription term during which you terminate your subscription. Termination of your subscription shall not relieve you of any obligations to pay. Upon termination of this Agreement for any reason, all of your rights to use the Service and materials shall immediately terminate, and you shall immediately cease using and destroy all Running Alpha Investments, Inc. Content; provided, however, that you are still responsible under the terms of this Agreement for any and all actions you may have taken prior to termination.

9. Modifications to Service and Running Alpha Investments, Inc. Content

Running Alpha Investments, Inc. may, without liability or obligation, in its sole discretion and at any time make modifications to, or discontinue, any Running Alpha Investments, Inc. Content and/or other elements of the Service, with or without providing you with notice (except as we may expressly agree to provide you with notice elsewhere in this Agreement). The modifications may result in certain Running Alpha Investments, Inc. Content being unavailable, or incompatible with certain devices. Other Users may similarly delete or cease offering their User-Supplied Content at any time without notice.

10. Notices

Running Alpha Investments, Inc. may provide you with any notices under this Agreement by means of a posting on the Service, by email, or by sending a message to you through the Service.

11. Claims and Arbitration

Any action hereunder by a User must be brought, if at all, within one (1) year from the accrual of the cause of action. You agree that the all disputes and claims arising out of, or relating to, this Agreement or any element of the Service, your use of any element of the Service (including the arbitrability of any claim or dispute and the enforceability of this paragraph), or to any other alleged act or omission by you or Running Alpha Investments, Inc., shall be determined exclusively by final and binding arbitration. Provided however, that you agree that the terms of this paragraph do not apply to any breach or alleged breach of the ownership or license rights of Running Alpha Investments, Inc. or any of its licensors with respect to any Running Alpha Investments, Inc. Content and/or other elements of the Service, or your (or any third party’s) misuse of the Running Alpha Investments, Inc. Content and/or Service, and that, in the event of any such breach of alleged breach, Running Alpha Investments, Inc. and its licensors will be irreparably harmed and entitled to equitable and injunctive relief in addition to all other remedies provided by this Agreement or available at law. The arbitration shall be conducted under the Commercial Arbitration Rules (CAR) of the Canadian Arbitration Association before a panel of three arbitrators and conducted in Ontario, Canada. You and Running Alpha Investments, Inc. also agree that the CAR Optional Rules for Running Alpha Investments, Inc. Measures of Protection shall apply to the proceedings. Except as expressly set forth in this paragraph, you and Running Alpha Investments, Inc. may litigate in court only to compel arbitration under this Agreement to enter judgment on the award rendered by the arbitrators, or to vacate or modify the arbitrators’ award to the minimum extent and only for the specific reasons permitted by applicable law. To the extent that you have breached or have indicated your intention to breach this Agreement in any manner which violates or may violate Running Alpha Investments, Inc. or any of its licensor’s intellectual property rights, or may cause continuing or irreparable harm to Running Alpha Investments, Inc. (including, but not limited to, any breach that may impact Running Alpha Investments, Inc. or it’s licensor’s intellectual property rights, or a breach by reverse engineering), Running Alpha Investments, Inc. may seek injunctive relief, or any other appropriate relief, in any court of competent jurisdiction. To the fullest extent permitted by applicable law: no arbitration under this Agreement shall be joined to an arbitration involving any other current or former licensee of Running Alpha Investments, Inc., whether through class arbitration proceedings or otherwise; no finding or stipulation of fact in any other arbitration, judicial or similar proceeding may be given preclusive or collateral effect in any arbitration hereunder (unless determined in another proceeding between you and Running Alpha Investments, Inc.); and no conclusion of law in any other arbitration may be given any weight in any arbitration hereunder (unless determined in another proceeding between you and Running Alpha Investments, Inc.).

12. International

Running Alpha Investments, Inc. makes no claims that the Running Alpha Investments, Inc. Content may be lawfully viewed or accessed outside of the United States. Access to the Running Alpha Investments, Inc. Content may not be legal by certain persons or in certain countries. If you access the Service from outside of the United States or provide any Running Alpha Investments, Inc. Content or User-Supplied Content to any third party not a United States citizen, you do so at your own risk and are responsible for compliance with the laws of your jurisdiction and / or the jurisdiction of the third party receiving such content.

13. General

As used in this Agreement the term “licensor” or “supplier” shall not refer to the person at that time entering into the Agreement. You understand and agree that, except as expressly set forth herein, this Agreement is not intended to confer and does not confer any rights or remedies upon any person other than the parties to this Agreement. The headings used in this Agreement are for convenience only, and will have no effect on the interpretation or legal enforceability of the terms herein. This Agreement is governed by the internal substantive laws of the Province of Ontario, Canada, without respect to its conflict of laws principles. The United Nations Convention of Contracts for the International Sale of Goods will not govern this Agreement, and is hereby expressly excluded. Jurisdiction for any claims arising under this agreement shall be governed by the provision concerning arbitration above, and shall otherwise lie exclusively with the Province of Ontario, Canada or Federal courts within Ontario, Canada. Capitalized terms shall have the meaning set forth in this Agreement. If any provision of this Agreement is found to be invalid by any court having competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of this Agreement, which shall remain in full force and effect. Running Alpha Investments, Inc. failure to pursue any available claim or defense pursuant to this Agreement or otherwise will not be a waiver of such claim or defense. No waiver of any term of this Agreement shall be deemed a further or continuing waiver of such term or any other term. Except as expressly provided in a separate executed agreement, additional terms of use for areas of the Service, or a specific “Legal Notice”, this Agreement and the Privacy Policy with ON-LINE DISCLAIMER at Running Alpha Investments, Inc., constitute the entire agreement between YOU and Running Alpha Investments, Inc. with respect to the use the Service. This Agreement will bind and inure to the benefit of each party’s permitted successors and assigns. However, this Agreement is personal to you and may not be transferred, assigned or delegated to anyone. Any attempt by you to assign, transfer or delegate this Agreement shall be null and void.

14. Changes to the Agreement

Running Alpha Investments, Inc. reserves the right, in its sole discretion, to change, modify or otherwise alter these terms and conditions at any time. If you have established an Account, we will attempt to inform you of any modifications to this Agreement that affect your obligations to Running Alpha Investments, Inc. or our obligations to you by: (a) sending you an email at the email address you provided as part of the registration process or including a notice in our regular email correspondence to you, (b) by a message to you at the time you log into the Service, or (c) a notice to you in connection with any renewal invoice. If you do not agree with any such modifications, your sole remedy is the termination of your Account, which you may request on-line at Running Alpha Investments, Inc.

Your continued use of the Service after receiving notice of any modifications indicates your acceptance of the modified Agreement. If you have not established an Account, any modifications to this Agreement will be effective as to you upon Running Alpha Investments, Inc. posting the new terms and/or upon implementation of the new changes on the Service. You agree to review this Agreement periodically so that you are aware of any modifications. Your continued use of the Service after any modifications indicates your acceptance of the modified Agreement.

Please make an on-line request at Running Alpha Investments, Inc. through your communications channel directly to Running Alpha ) with any questions you have about these the SERVICE USE Agreement and DISCLAIMER.