Discipline before discretion.
The Investment Policy Statement is signed before a single dollar moves. Every later decision is a check against it.
About the Founder
Wei Chen, CFA
Five years on Goldman’s equity research desk. Four at Bridgewater associate research staff. Anchorbay since 2018, run with the same standard the institutions use.
Three principles. All written down.
Concentration is risk, not loyalty.
A 10b5-1 plan is not a market call — it is the rule that keeps the unwind from becoming a series of bets on next month’s tape.
Write the reasons, not just the trades.
Manager underwriting memos, attribution memos, and IPS amendments are auditable artifacts — designed to be readable a year from now.
Anchorbay is intentionally small. 38 households today; the upper bound is around 60. The work — IPS authorship, manager underwriting, quarterly attribution, capital-call handling — does not scale infinitely without the writing slipping. The business model is to keep the writing standard, not the headcount.
— Wei Chen, CFA