Four kinds of people find this page. Each of you has a legitimate question about us. Here is the answer, plainly, and a person to speak to if it isn't enough.
We are a long-term, primary-source shareholder. Before we own a share we have read your annual reports, your results, your material announcements and your proxy statements — in full, for as many years as you have filed them. We may write to you for documents that are not in the public record, or to confirm a figure. That is the extent of it.
We do not trade around results. We do not publish research on you. We do not seek influence, engagement campaigns, or a seat. We hold what we understand, for as long as the business deserves it.
LiquidBlack is a privately held research and investment desk deploying its principals' own capital. There are no clients, no pooled or managed funds, no fee income, and no solicitation of any kind. Research is produced for internal decision-making only and is not distributed.
The desk operates an AI-assisted research process under human governance: every research cycle and every investment decision is approved by a principal. Records are kept on owner-controlled infrastructure.
We don't manage money and we don't sell research, so there is nothing here to buy. What we do have is a working example of what a private, AI-native research desk looks like when it is built for one owner's capital and held to an institutional standard — and a willingness to talk about it with people doing the same.
The desk is a fully operational agentic system: specialist AI functions, interchangeable frontier models routed to the job, a controlled corpus of primary data, and a human design authority holding intent, governance and every approval. It maintains itself and has specified and delivered its own improvements.
We are not publishing the architecture and we don't run a programme. But we are interested in hearing from people doing serious work in this space, and open to the occasional, well-defined collaboration.