Vol. I — No. 1The First IssueSummer MMXXVI
Hysteresis Research迟滞研究
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On the lag between what is true and what is priced

Hysteresis Research is a research-driven quantitative trading firm. It trades the interval in which the world has changed and the price has not — the gap between fundamentals and price, where it persists long enough to be measured.

  • EST. MMXXVI
  • FORM A PRACTICE OF ONE PRINCIPAL
  • RULE WRITTEN BEFORE TRADED
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Hysteresis Research迟滞研究Founded 2026A research-driven quantitative trading firmCross-asset regime transitionsResearch compounds — capital followsVol. I — No. 1 · The First IssuePrice lags. We measure the lag.

In this issue

  1. I.On Method— why the lag exists, and what it costs to measure itp. 02
  2. II.The Practice— one desk, one ledger; how the firm is runp. 03
  3. III.The Mandate— what this is being built towardp. 04
  4. IV.Correspondence— for allocators who read this farp. 05
  5. V.Notes— the running archive: theses retired, and whyp. 06

On Method

An essay · p. 02

The word belongs to physics. In the 1880s James Ewing, studying magnetized iron, found that the metal kept a memory of the forces it had been through: push on it and release, and it does not return to where it began. He needed a name for this lag between cause and effect and took it from the Greek.1 Markets are such bodies. They carry their history. They do not reprice the moment the world changes; they reprice when the weight of evidence becomes unbearable.

Most of the time there is nothing to do. Price and fundamentals agree, and the agreement is efficient enough to be left alone. The hours that interest us are the transitions — when a regime that has held for years gives way, and capital, careers, and conviction are all positioned for the world that is ending rather than the one that has begun. In those hours the gap between what is true and what is priced opens wide enough to be seen without instruments. The difficulty is never seeing it. The difficulty is knowing whether it will persist.2

A lag that closes at once is a curiosity. A lag that persists is a position. The discipline of the firm is to treat that distinction as an empirical question — to measure persistence rather than narrate it, to count the gaps that closed before anyone was paid for them, and to stay honest about cost, error, and the seductions of hindsight. What survives that accounting is small. It is enough.

This is why the firm is organized around writing. A view that cannot be written down cannot be tested, and a view that cannot be tested is a mood. Every position begins as a paper — argued, attacked, archived — so that the research outlives the trade and the next decision starts further ahead. The capital is downstream of the library.

Fig. 1 — The Loop

A system with memory does not retrace its path: the way out differs from the way in, and the area between the branches is real. Markets are such systems.

THE LAG —MEASURED, THEN TRADEDFUNDAMENTALS →PRICE ↑
  1. 1The coinage is James Alfred Ewing’s, from his researches on magnetism in iron; from the Greek hysterein, to come late. We borrowed the word, and the habit of measurement that came with it. ↩
  2. 2Persistence is the entire question. A gap that cannot outlive its own transaction costs is not an inefficiency; it is a toll. ↩
Research compounds;
capital follows.
The house principle · founding note, 2026

The Mandate

A statement of ambition · p. 04

One book. One decision-maker.
Built toward institutional scale.

The ambition is institutional-scale cross-asset allocation: a book that moves across regimes as they turn — in time, and across the cross-asset majors — and is run with the same discipline at any size.

The ambition keeps a calendar. Within three years — a unified regime model across the cross-asset majors, in a reusable form, kept honest by the daily operational process. Within five — multiple sleeves running in parallel, and the first public thesis paper documenting the core of the method. Within ten — a method validated across regime environments, in a form that can be inherited.

The firm is young by the calendar and deliberate by temperament. It was founded in 2026 and built for the part of the cycle that has not happened yet. What is being compounded now is not capital. It is the research that will deserve it.