Frequently Asked Questions
About Us
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MorMag Asset Management is an independent investment firm focused on investment research, asset management, and strategic capital allocation.
We combine fundamental analysis, macroeconomic research, quantitative methods, market intelligence, and disciplined risk management to understand complex markets and identify opportunities for intelligent capital allocation.
Our approach is grounded in a simple principle: capital should be allocated deliberately, on the basis of evidence, probability, expected value, and an understanding of risk.
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MorMag operates across three closely connected areas:
Investment Research: researching companies, markets, macroeconomic conditions, market structure, behavioural dynamics, and long-term investment themes.
Asset Management: applying research and disciplined portfolio construction to the management and allocation of capital.
Strategic Capital Allocation: helping determine where, when, and how capital can be deployed most effectively under conditions of uncertainty.
These activities are supported by quantitative research, proprietary analytical frameworks, and a broader research programme spanning economics, finance, mathematics, behavioural science, and complexity theory.
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MorMag is designed to work with sophisticated individuals, investors, businesses, organisations, and other counterparties seeking independent research, strategic thinking, investment analysis, or capital allocation expertise.
The nature and scope of any engagement depends on the client's objectives, requirements, circumstances, and the services being provided.
For enquiries regarding potential engagements, please contact us directly.
Investment Approach
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MorMag's philosophy is centred on disciplined capital allocation, rigorous research, intellectual independence, and long-term value creation.
We do not believe that successful investing is simply about predicting what markets will do next. Financial markets are complex, adaptive systems in which information, incentives, behaviour, liquidity, expectations, and economic conditions interact continuously.
Our objective is therefore to make better-informed decisions under uncertainty rather than to claim certainty where none exists.
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Not in the conventional sense.
Markets cannot be reduced to a single deterministic forecast. Our framework instead considers distributions of possible outcomes, the probabilities associated with those outcomes, the risks surrounding them, and how those probabilities may change as new information becomes available.
In practice, this means asking questions such as:
What are the plausible outcomes?
What does the available evidence suggest about their probabilities?
What would have to be true for the thesis to be correct?
What could cause it to fail?
What is the expected value relative to the risk being taken?
What information would change our view?
This is probabilistic decision-making rather than prediction for prediction's sake.
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Because uncertainty is fundamental to investing.
An investment decision is ultimately a decision made without complete knowledge of the future. Probabilistic thinking provides a framework for dealing with that uncertainty explicitly rather than hiding it behind false precision.
Our research therefore considers not only expected outcomes, but also the range of possible outcomes, uncertainty around those estimates, downside scenarios, tail risks, and changing market conditions.
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Long-term value creation means focusing on the economic forces capable of generating durable value rather than allowing short-term market noise to dominate the investment process.
This can include examining business quality, competitive advantages, capital allocation, earnings power, structural economic trends, technological change, market structure, and the incentives of market participants.
Long-term thinking does not mean ignoring short-term information. It means placing that information within a broader analytical framework.
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Risk is not treated simply as volatility.
Volatility can be informative, but it does not capture every way in which an investment can permanently impair capital.
MorMag considers risk across multiple dimensions, including:
downside and drawdown risk
volatility and dispersion
liquidity risk
concentration risk
leverage
correlation and interconnectedness
regime changes
model risk
behavioural risk
tail events
uncertainty surrounding assumptions
the possibility that an investment thesis is simply wrong
The objective is not to eliminate risk; which is neither possible nor desirable in investing; but to understand it, price it appropriately, and manage it deliberately.
Research
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MorMag's research covers a broad range of subjects relevant to understanding financial markets and capital allocation.
Research areas include:
Investment Philosophy
Quantitative Research
Market Structure & Behaviour
Behavioural Finance & Psychology
Complexity, Networks & Adaptive Systems
Risk, Uncertainty & Fragility
Quant Lab & Research Infrastructure
Financial Theory & Economic Foundations
Our research ranges from practical investment questions to deeper theoretical work examining how markets, capital, information, and economic systems behave.
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MorMag publishes research because ideas improve through scrutiny, discussion, and continuous refinement.
Public research also reflects our commitment to intellectual transparency and independent thinking. While implementation remains proprietary, we believe the principles behind sound decision-making should be openly discussed.
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No.
Quantitative analysis is an important component of the MorMag research framework, but it is not treated as a substitute for economic reasoning or fundamental understanding.
We combine quantitative methods with fundamental research, macroeconomic analysis, market structure, behavioural analysis, and qualitative judgement.
The purpose of quantitative research is to improve the quality, consistency, and depth of decision-making — not to create the illusion of certainty.
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We evaluate opportunities through multiple analytical lenses rather than relying on a single metric or signal.
Depending on the opportunity, this may include consideration of:
expected return
probability-weighted outcomes
valuation
fundamental quality
financial and economic drivers
market structure
liquidity
volatility
downside risk
regime compatibility
behavioural dynamics
signal quality
robustness
scalability
potential sources of investment edge
The precise framework varies according to the research question and asset being considered.
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Historical performance alone is not sufficient evidence of investment edge.
A signal can appear attractive because of randomness, overfitting, data mining, survivorship bias, changing market conditions, or exposure to an underlying risk factor.
MorMag therefore places emphasis on understanding why an apparent edge exists, whether the underlying mechanism is economically plausible, how robust the evidence is, how the signal behaves across different environments, and whether the opportunity remains meaningful after considering costs and implementation.
As our research puts it, the objective is not simply to find signals, but to determine which signals deserve to be trusted.
MorMag Market Scanner
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The MorMag Market Scanner is a proprietary research and decision-support framework designed to identify, evaluate, and prioritise potential opportunities across financial markets.
It is not intended to function as a conventional stock screener that simply filters securities according to a fixed set of ratios.
Instead, the framework approaches markets probabilistically, incorporating multiple dimensions of information and attempting to assess opportunities within their broader market and risk context.
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No.
The Market Scanner is designed around decision-making under uncertainty rather than deterministic prediction.
It evaluates opportunities according to a range of signals, probabilities, risks, market conditions, and other characteristics in order to help prioritise research and capital allocation.
The output should therefore be understood as an analytical input into a broader investment process, not as a guarantee of future performance.
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The system incorporates multiple analytical dimensions, which may include:
probabilistic assessment
market regimes
quantitative signals
alpha quality
fundamental characteristics
market structure
liquidity
volatility
behavioural dynamics
risk-adjusted opportunity
portfolio interactions
robustness
expected value
The architecture is continuously researched and developed as MorMag's understanding of markets evolves.
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Yes.
The underlying implementation, models, code, scoring architecture, data structures, research infrastructure, and associated intellectual property are proprietary to MorMag, subject to applicable third-party data and licensing arrangements.
MorMag is transparent about the principles underlying the system while retaining the proprietary implementation itself.
Transparent in philosophy. Proprietary in implementation.
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No.
The Market Scanner forms part of a broader research and investment architecture.
Quantitative systems can identify patterns and opportunities, but interpretation remains important. Fundamental research, macroeconomic analysis, risk assessment, market structure, and human judgement remain relevant components of the wider process.
The purpose of the system is to improve decision-making, not to outsource thinking.
Portfolio Construction & Capital Allocation
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Portfolio construction is treated as a capital allocation problem rather than simply a process of selecting individual securities.
An attractive investment in isolation may not necessarily be attractive within a portfolio. Position sizing, correlation, liquidity, concentration, regime exposure, downside risk, and interactions between positions can materially affect the overall portfolio.
MorMag therefore considers both the characteristics of individual opportunities and their contribution to the portfolio as a whole.
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Not necessarily.
Capital allocation can reflect differences in expected value, conviction, risk, liquidity, diversification, and the quality of available evidence.
Where appropriate, greater analytical conviction may justify a different allocation from an opportunity supported by weaker evidence or carrying materially different risks.
The objective is to align capital deployment with the quality and characteristics of the opportunity rather than treating every investment as interchangeable.
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Performance is evaluated across multiple dimensions rather than through headline returns alone.
Relevant measures may include:
absolute return
volatility
drawdown
Sharpe ratio
Sortino ratio
Calmar ratio
consistency
tail behaviour
regime-specific performance
portfolio characteristics
robustness of the underlying process
We also distinguish between the quality of a decision and its immediate outcome.
In a probabilistic environment, a sound decision can produce an unfavourable short-term result, while an unsound decision can occasionally produce a favourable one. Evaluating the process therefore matters alongside evaluating the outcome.
Independence & Decision-Making
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MorMag is an independent investment firm and places significant emphasis on intellectual independence.
Our research is developed around independent analysis rather than simply following prevailing market narratives. Independence, however, does not mean contrarianism for its own sake. A view should change when the evidence changes.
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Consensus is treated as information, not as an instruction.
Understanding what the market already believes can be just as important as developing an independent view. An investment opportunity may depend not only on whether an outcome occurs, but on whether that outcome differs meaningfully from what is already reflected in expectations and prices.
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Being wrong is an unavoidable feature of investing.
The objective is not to construct a process that never produces incorrect decisions. The objective is to create a process capable of recognising uncertainty, identifying assumptions, limiting avoidable errors, learning from outcomes, and adapting when evidence changes.
This is one reason MorMag places significant emphasis on probabilistic thinking, robustness, risk management, and continuous research.
Information, Advice & Risk
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No.
The information published on the MorMag website is provided for general informational and research purposes and does not constitute investment advice, financial advice, trading advice, or any other form of professional advice.
Nothing published on the website should be interpreted as an offer, solicitation, recommendation, or endorsement to buy or sell any security or financial instrument.
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MorMag's research is intended to provide information, analysis, and perspectives on markets and investment-related subjects.
Readers should undertake their own assessment and consider their individual circumstances, objectives, and risk tolerance before making any investment decision. Where appropriate, independent professional advice should be obtained.
Financial markets involve risk, including the possible loss of capital, and past performance does not indicate future results.
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No.
No investment strategy can guarantee returns or eliminate investment risk. Any discussion of historical performance, expected returns, scenarios, probabilities, or potential opportunities should not be interpreted as a guarantee or representation of future results.
MorMag's approach is explicitly based on decision-making under uncertainty.
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Because markets are uncertain.
Financial systems are affected by changing economic conditions, information, incentives, policy, technology, liquidity, investor behaviour, and unexpected events. A disciplined investment process should therefore recognise uncertainty rather than disguise it.
Our preference is to make assumptions explicit, consider alternative outcomes, and update views when the evidence changes.
Working With MorMag
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Potentially, depending on the nature of the requirement and the applicable scope of services. MorMag works across investment research, asset management, strategic capital allocation, and related analytical and advisory activities.
If you have a specific requirement, we encourage you to contact us to discuss it.
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Bespoke research and analytical work may be considered depending on the nature, scope, and requirements of the engagement.
Potential areas can include market analysis, investment research, strategic capital allocation, quantitative research, and other financial or strategic questions.
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For general enquiries, research enquiries, potential engagements, partnerships, or other business matters, contact MorMag through the website or by email at info@mormag.com.
We welcome serious enquiries from individuals and organisations interested in investment research, strategic capital allocation, partnerships, and related work.
Final Question Before I Go
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Investment Research - Asset Management - Strategic Capital Allocation
MorMag exists to understand complex markets, identify meaningful opportunities, manage uncertainty, and allocate capital intelligently.
We believe the quality of an investment decision depends not only on the information available, but on how that information is interpreted, tested, challenged, and ultimately translated into action.
In markets characterised by complexity and uncertainty, our objective is not to predict everything.
It is to make better decisions.