We short ETH against ETH we already own, and the account grows in coin, not in dollars.

The stack sits in ETH and the short settles in ETH too, so what we put up and what we earn are the same asset. The figures above are the account as it stands: the market has fallen since we opened it, and the stack has grown.

We ran the same trade on bitcoin and shut it down on 1 August. It failed the test our main book passed: the one that asks whether a good result is just curve-fitting. The write-up is in the notebook. We now run one account, one asset, one strategy.

Letter 001 is our first letter, not our first year. What came before it is in the notebook, including everything we tested and threw away.