A framework taking shape
June's strongest progress was in research. I connected AI capital expenditure with memory, packaging, semiconductor equipment and networking, while learning more about option Greeks and market structure. The work began to feel like a connected framework rather than a collection of tickers.
Where the process fell short
The monthly review showed that repeated entries, overlapping strategies and a few large losses reduced the benefit of the better research. A high proportion of winning trades was not enough. The shape of the losing trades mattered more than I had allowed for.
Being busy is not a measure of progress.
The change to carry forward
My priority became clearer strategy labels, fewer re-entries and a shared risk budget for related trades. The month recorded an estimated +1.45% Modified Dietz return. This adjusts for the timing of external cash flows, but remains an approximation rather than a daily time-weighted return.