What is the morning memo?
The morning memo is your CEO's daily briefing: what the fund did while you slept, what it looked at and passed on, how the open positions stand, and what today's board looks like. It's the whole fund, caught up in one coffee, reading it is most of the job of being Chair.
What's in it
- Moves made Positions opened or closed overnight, each with the edge that justified it.
- Passes Markets researched and declined, with why. The discipline is visible here most of all.
- The book Open positions marked to price: what's working, what's drifting, what the CEO plans for each.
- Today's board Resolutions coming, markets worth watching, anything that might need your sign-off.
Why mornings, why short
Markets moved while you slept and your fund moved with them; the memo closes that gap before your day starts. It's deliberately a few minutes long, a briefing, not homework. Depth is always one question away in the chat, and the fuller cycle reports carry the season's grading.
The habit that makes you a good Chair
Read it daily and something compounds: you learn your fund's judgment, where it's sharp, where it runs hot, and your directives get better because they're informed. The memo isn't just the fund reporting to you; it's how you get good at running it.