Calchas
Research

We research how investor psychology drives mispricings in equity markets. The ideas we believe in, we trade.

Read Our Research →

We study why markets
get things wrong.

Calchas Research studies how investor psychology and institutional behaviour create patterns that show up consistently in the data — mispricings that shouldn't exist if markets were as efficient as the textbooks suggest.

We publish papers and write on what we find. When the evidence is compelling enough to stake capital on, we trade it in our own portfolio.

Our Approach

01
Sentiment & Crowd Psychology
Sentiment surveys, positioning data, fund flows — we track how collective investor behaviour creates mispricings, and the conditions under which those tend to correct.
02
Data Before Narrative
We test ideas against the historical record before putting money behind them. If it doesn't hold up in the data, it doesn't make it into the portfolio.
03
Proprietary Trading
We put our money where our mouth is. Every position in our book is funded and guided by our own research — there's no separation between what we publish and what we stake capital on.