The thesis

The written reason behind a discretionary trade — recorded before the trade, judged after.

Professional desks write the reason down before the money moves: what the view is, what would prove it wrong, and when it should have paid. The written memo defeats hindsight — without it, every exit gets renarrated as intended. Quantreno records that memo as the thesis.

A thesis lives on a discretionary book or on a program in your forecast book, and carries the statement, the catalyst, the kill criteria that would invalidate it, your conviction, and an optional horizon. You can adopt the desk's current brief as your thesis, accept a draft the AI writes, or state your own — and the recommendations a book opens carry the thesis they express. A systematic book that trades under an allocation needs no thesis: the allocation you confirm governs it, and the theses it held before stay on the record, read only.

The rationale is never edited in place: revising a thesis supersedes it, and the old version keeps the trades it explained — so performance can honestly answer whether the thesis, the timing, or the method did the work. The AI only drafts, and the desk only alerts; adopting is your act — or, where you've granted a mandate, the desk's automation may adopt the theme's graded stance under it, always labeled as its act. Revising, closing out, and grading stay yours alone.

The words on this page

Thesis: Why you hold a trade in a discretionary book or a program: your reasoning, and the conditions that would kill it.; Your recorded rationale on a discretionary book or a program: the statement, the catalyst, the kill criteria that would invalidate it, your conviction, and an optional time horizon. Each open in a discretionary book needs a current thesis, and so does each program's line in the forecast book. A systematic book that trades under an allocation needs none: the allocation governs it, and the theses it held before stay on the record, read only. Adopt one from a desk brief, accept the AI's draft, or write your own — the recommendations a book opens carry the thesis they express. The AI drafts; only you revise (the old version keeps its trades) or grade one. Adopting and closing out are yours too — or the desk's automation's under your mandate, always actor-lined, and it only ever closes out a thesis nothing expresses. A thesis past its horizon lapses on its own — it moves to the record and your positions stay put.
Lapsed: A thesis whose stated horizon has passed — it moved to the record by itself; your positions did not change.; A thesis whose stated horizon has passed. It moves to the record by itself — no ceremony, nothing to dismiss — and your positions do not change. If open positions still express it, the desk raises its one thesis alert: revise the thesis to re-underwrite it, or close the positions through the ordinary reviewed flow. (Your subscription plan can also lapse — that's billing's word for the same idea in different chrome; this entry is about theses.)
Grade: Your after-the-fact verdict on an ended thesis — realized, invalidated, or timed out — optional, dated, never required.; Your after-the-fact verdict on an ended thesis — realized (it played out), invalidated (the kill criteria hit), or timed out (it never converged) — with an optional note. Optional, dated, and revisable, whenever or never: nothing waits on a grade, and an ungraded thesis renders honestly. It's your own annotation on the record, never the desk's judgment.