# StandPoint

> Equity research that takes positions. Two books of American equities (the S&P Book, the Nasdaq Book), bought individually or together. Every position is published the day it is taken, with the thesis behind it and the note written when it closes.

StandPoint is a publication first and a club second. The letters are public and free to read; the live book behind them is not. A free account, permanent and without a card, has every tool (the screener, levels, every name's profile, the themes, a watchlist) and the archive of closed picks with their theses; the books are the desk's live calls. The same account can be read from Claude, ChatGPT or any assistant that speaks MCP through Levelset, the read-only connector at https://standpointhq.com/api/v1/mcp. Everything below the "Member-only" heading requires a session and will redirect to a sign-in page, so there is nothing there to crawl.

Content is informational and is not personalized investment advice. Past performance does not guarantee future results.

## Start here

- [Home](https://standpointhq.com/): what StandPoint is, the model portfolio's return beside its index and its worst drawdown, and the two ways to use it.
- [Pricing](https://standpointhq.com/pricing): what every account includes and what the books cost. A free account comes with every tool and the archive of closed picks with their theses; the books are the desk's calls, priced by how many books, not which.
- [Levelset](https://mcp.standpointhq.com): StandPoint's MCP connector, at https://standpointhq.com/api/v1/mcp. Nine read-only tools (today's picks, open and closed picks, the public record, the Overdrive list, levels, a name's full profile, the screener, the books held); every pick carries the instant and price it was published. Sign in with OAuth, or an API key from the account's security page. It cannot trade.
- [The S&P Book](https://standpointhq.com/books/sp): large American names, the model portfolio and the nightly Reversion screen, with the book's own closed record.
- [The Nasdaq Book](https://standpointhq.com/books/nasdaq): the Nasdaq 100 and about five hundred faster Nasdaq names on the nightly screen, positions across them, with the book's own closed record. A position in a company that sits in both the Nasdaq 100 and the S&P 500 shows in both books.
- [The iOS app](https://standpointhq.com/app): a screen-by-screen tour of the member app.
- [Letters](https://standpointhq.com/letters): the full public archive, newest first. The daily Morning Chronicle plus single-name work.
- [Salomon](https://standpointhq.com/salomon): who writes the letters. Managing Partner; began as a US equity trader at Athenee Investment, a Geneva hedge fund, and founded several quant ventures before StandPoint.
- [Track record](https://standpointhq.com/track-record): every closed position, with entry, exit and return. The public version of the member archive.
- [Help](https://standpointhq.com/help): how the product works, end to end.

## Letters

Latest 30 public letters. The complete list is in [sitemap.xml](https://standpointhq.com/sitemap.xml); the same window is available as [RSS](https://standpointhq.com/letters/feed.xml).

- [The long end voted the other way](https://standpointhq.com/letters/morning-2026-10-30): Morning Chronicle, 2026-10-30. Amazon burned forty-two billion dollars of free cash flow over twelve months and told the market that next year will cost more. Good…
- [The capex bill arrives at five percent](https://standpointhq.com/letters/morning-2026-10-29): Morning Chronicle, 2026-10-29. Alphabet spent fifty-one billion dollars in a quarter, ran free cash flow nine billion negative, and two Fed officials voted to raise…
- [Gold had one job this autumn](https://standpointhq.com/letters/morning-2026-10-28): Morning Chronicle, 2026-10-28. The Strait of Hormuz will decide the Fed's December meeting, and the American tape is spending today on Microsoft's cloud margins instead.…
- [A rally built on two blank lines](https://standpointhq.com/letters/morning-2026-10-27): Morning Chronicle, 2026-10-27. Crude near a hundred dollars a barrel is being filed under geopolitics rather than inflation, one day before a Fed that may confirm a…
- [Five years above target, four days of earnings](https://standpointhq.com/letters/morning-2026-10-26): Morning Chronicle, 2026-10-26. Gold slipped under four thousand dollars in the same week crude went through a hundred, which is a strange way for an inflation hedge to…
- [Duration as a hedge against an oil shock](https://standpointhq.com/letters/morning-2026-10-23): Morning Chronicle, 2026-10-23. Brent settled above 113 dollars and the ten-year had its largest one-day rally since the week Silicon Valley Bank failed, on the same…
- [Nobody read the financing line](https://standpointhq.com/letters/morning-2026-10-22): Morning Chronicle, 2026-10-22. Tesla cut five billion from its spending plan and was sold for it, while Meta raised its own toward a hundred and forty-five billion and…
- [The physical layer, priced at four percent](https://standpointhq.com/letters/morning-2026-10-21): Morning Chronicle, 2026-10-21. Iran's Revolutionary Guard has begun naming the undersea cables under the Strait of Hormuz as targets, and the market's reply was to bid…
- [Anchored to our own worst week](https://standpointhq.com/letters/morning-2026-10-20): Morning Chronicle, 2026-10-20. Brent is holding near 110 over a shipping lane most of Wall Street could not find on a map, and the Nasdaq spent yesterday buying…
- [Gasoline is not monetary policy](https://standpointhq.com/letters/morning-2026-10-19): Morning Chronicle, 2026-10-19. Nasdaq futures are up more than a percent this morning because Russian barrels may be coming back, which makes the disinflation plan a…
- [A trillion dollars of chips, priced as a rotation](https://standpointhq.com/letters/morning-2026-10-15): Morning Chronicle, 2026-10-15. Yesterday's inflation print ended the S&P's longest calm since 2020, and one day volatility jumped a third while one year volatility…
- [The capex with no name on its balance sheet](https://standpointhq.com/letters/morning-2026-10-14): Morning Chronicle, 2026-10-14. Goldman Sachs beat consensus by four dollars a share, JPMorgan Chase missed and ate a six hundred million dollar securities loss, same…
- [Gold's bear market, which nobody has to name](https://standpointhq.com/letters/morning-2026-10-13): Morning Chronicle, 2026-10-13. Korean memory stocks lost ten percent overnight on a cell design nobody outside Hefei has seen, and S&P futures are still sitting a few…
- [Gold got the year it wanted and fell anyway](https://standpointhq.com/letters/morning-2026-10-12): Morning Chronicle, 2026-10-12. The bond market is closed for Columbus Day, which is convenient, because the 10-year at a 24-year high is the number nobody wanted to…
- [A war with a release date](https://standpointhq.com/letters/morning-2026-10-09): Morning Chronicle, 2026-10-09. Oil fell because the President promised not to attack Iran until after November 3rd, which is not the same as the mines leaving the water.…
- [The dot plot nobody is pricing](https://standpointhq.com/letters/morning-2026-10-08): Morning Chronicle, 2026-10-08. The Treasury reopens twenty-two billion dollars of long bond at one o'clock, and the S&P is sitting half a percent under its record. Good…
- [Six dollar diesel, four percent money](https://standpointhq.com/letters/morning-2026-10-07): Morning Chronicle, 2026-10-07. The Fed is raising the price of money to fix what is largely a shortage of refining capacity, and this afternoon we get the minutes…
- [Nobody told the Nasdaq about 2002](https://standpointhq.com/letters/morning-2026-10-06): Morning Chronicle, 2026-10-06. Gold is a quarter below its January peak with the Strait of Hormuz still shut, which tells you what a five percent ten-year does to a…
- [A chokepoint changed hands and oil fell](https://standpointhq.com/letters/morning-2026-10-05): Morning Chronicle, 2026-10-05. Hiring stalled at 29,000 in September and American stocks rallied, because the only question left on the tape is what the Fed does in…
- [The debasement trade, now sold separately](https://standpointhq.com/letters/morning-2026-10-02): Morning Chronicle, 2026-10-02. The ten-year is paying more than it has since 2002, and American stocks spent yesterday drifting pleasantly higher regardless. Good…
- [The soft print that oil already overruled](https://standpointhq.com/letters/morning-2026-10-01): Morning Chronicle, 2026-10-01. Micron sold fifty four billion dollars of memory last quarter at eighty seven percent gross margins, and the stock did nothing. Good…
- [The portfolio fee that moved the Fed](https://standpointhq.com/letters/morning-2026-09-30): Morning Chronicle, 2026-09-30. At 8:30 this morning the Commerce Department will quietly revise away some of the inflation the Fed has just started raising rates to…
- [The rate hike everyone has already agreed to ignore](https://standpointhq.com/letters/morning-2026-09-29): Morning Chronicle, 2026-09-29. Gold is down a quarter from its January record while a shooting war closes the Strait of Hormuz, which is not how the hedge was sold to…
- [A state dinner for the people being negotiated over](https://standpointhq.com/letters/morning-2026-09-21): Morning Chronicle, 2026-09-28. Nasdaq futures are up on a summit three days away whose AI agenda explicitly leaves out the export controls that actually bind. Good…
- [Hormuz is closed, stocks are up, next question](https://standpointhq.com/letters/morning-2026-09-28): Morning Chronicle, 2026-09-28. Gold is falling in the middle of a war, which tells you the Fed now frightens people more than the Strait of Hormuz does. Good morning and…
- [The AI trade discovers contract law](https://standpointhq.com/letters/morning-2026-09-25): Morning Chronicle, 2026-09-25. Oracle sent a force majeure notice on a data center it insists is on schedule, and the market decided this was a paperwork story. Good…
- [The economy is fine, which is the problem](https://standpointhq.com/letters/morning-2026-09-24): Morning Chronicle, 2026-09-24. A two-month tariff truce took the headlines yesterday while the five-year Treasury printed 5 percent for the first time since 2007. Good…
- [Gold sits out its own war](https://standpointhq.com/letters/morning-2026-09-23): Morning Chronicle, 2026-09-23. Crude gave back another percent overnight on the strength of a single three-hour meeting, while the tankers still are not sailing through…
- [Hormuz is closed, the Nasdaq is open](https://standpointhq.com/letters/morning-2026-09-22): Morning Chronicle, 2026-09-22. AMD told its partners to expect ten percent higher prices next quarter, and the market bought the stock as a disinflation trade. Good…
- [A pipeline in Saudi Arabia does the Fed's job](https://standpointhq.com/letters/morning-2026-09-18): Morning Chronicle, 2026-09-18. The Federal Reserve raised rates into a war, promised to do it again before Christmas, and the Nasdaq answered with its best day in six…

## Legal

- [Privacy](https://standpointhq.com/legal/privacy)
- [Terms](https://standpointhq.com/legal/terms)
- [Disclosures](https://standpointhq.com/legal/disclosures)
- [Cookies](https://standpointhq.com/legal/cookies)
- [Data processing addendum](https://standpointhq.com/legal/dpa)

## Member-only, not crawlable

These require an account. They are disallowed in robots.txt and redirect to sign-in; do not cite or link them as sources.

- /dashboard, /picks, /portfolios, /archive, /model, /ticker/* — the live book, the screener, and per-name pages.
- /me, /account — a member's own positions and settings.
- Letters tagged Market Thoughts are member-only and are deliberately absent from this file, the sitemap and the RSS feed.

## Contact

Salomon@standpointhq.com