Landon Fillmore Systems is not an investment advisor.
We specialize in data analysis for private clients, and that analysis is typically not investment analysis. We neither give nor solicit investment advice. Our analysis of markets is just another data set, but since we are systems engineers, our analysis of financial markets is entirely speculative.
Our hope is that this blog is another tool to help you see the world.
We have no clue what the future will bring.
This is the core concept in systems thinking. You don’t know. From this standpoint, investing is hedging bets. In our own portfolio’s the most we have invested is about 10% of our capital. (Although we were about 15% short in in February 2025, and 85% cash.)
We do not manage a portfolio of stocks and bonds.
Our internal investments are 100% speculative options. We do not believe in long term investments. In today’s “investment” atmosphere, we believe the markets (Stocks and bonds, but not commodities) are about 70% Ponzi and 30% economic.
In other words, we have a hedged portfolio without the portfolio.
By economic we mean the underlying investment pays out its earnings in dividends, the Ponzi portion being the driver of most of the “gains.” Keep in mind, this is OUR definition and nothing more. There are certainly aspects of the markets that are 70% economic, (Royalty trusts, certain utilities, etc.) but as we think all markets are overvalued, we are not spending any time analyzing them.
We do not suggest you TAKE any advice from us.
First because we are NOT an investment advisor.
But more importantly, options trading is hard even for seasoned professionals.
Most investors try and invest all of their money over long time horizons. As I mentioned above, we do not and never will do that. Our speculative positions are typically options with durations of more than 1 year. (We currently have puts on junk bonds with expiration dates after Jan 2027.)
Our analysis is not purely or even mainly financial.
Our patron saint is the economist Fernand Braudel. Braudel saw economics as a social science. It was NOT monetary. It involved countries, languages, currencies, trade routes, access to metals mines, the navy, and 100 other things.
Markets are not free, they’re man made. They don’t simply spring up out of the ground like Saruman’s orcs. Everything operates in a system and those systems have a huge number of parts, each part changing in importance as the environment changes. This is what we analyze.
So, read our analysis with a ton of salt.