Hunt Ledger

A paper-trading book for a monthly research exercise: which small companies have an arithmetically possible path to ten times their value by 2030, and what would have to be true for it to happen?

Not investment advice. This is a paper-trading ledger: no real money is invested, and nothing on it is a recommendation to buy, sell or hold any security. The names are speculative small-capitalisation stocks that can lose most or all of their value; the scenarios are thought experiments, not forecasts. I am not a licensed investment adviser, this is not a solicitation, and past paper performance says nothing about future results. It is published as a teaching artefact about research discipline. Do your own research and consult a licensed professional before investing.

§ 01 — The process

The bridge

A name has to earn its weight

Every candidate has to survive a bridge before it gets a weight: revenue to margins, margins to cash and capex, cash to financing and dilution, a deliberately compressed terminal multiple, and only then an equity value per share, in a base and a bull case, compared to the 10× price in plain words (“about 1.1×”, never “will 10×”). Each name carries one sentence that would falsify the thesis.

Names are ranked on the quality of that path, never on how loud they are online. Crowd attention is measured, as a signal of heat, and then explicitly not used as a reason. Most candidates fail the bridge, which is the point. The first month’s honest conclusion was that nobody in the set was a clean 10×.

The ledger

A book that cannot cheat

The book starts with a notional $100,000 on August 21, 2026 and a matching $100,000 buy of SPY the same day. Each hunt imports one CSV of names and integer weights that sum to one hundred, sells what dropped off, and rebalances the rest to target. The same rules run in two books, monthly and biweekly.

The rules keep it honest. Fills happen at a final close on or after the hunt date, never at a price from before the idea existed, and every fill pays a modeled trading cost (10 bps by default). Prices are never invented: a missing quote blocks the import, and a name that didn’t trade is flagged stale.

The page leads with the day’s return against SPY total return, then multiple-to-date against the path to 10× by 2030-12-31, the CAGR still needed, and max drawdown. A weekday job marks both books after the close.

Next.js · React · TypeScript · Supabase · Yahoo Finance daily closes · Vercel

§ 02 — Screens

The Hunt Ledger dashboard: the latest session's return for the hunt, SPY total return and the difference; NAV; return since inception versus SPY; a 10× goal meter; CAGR needed, max drawdown and trading costs; and the indexed equity chart with the 10× path — **The book**The day’s return for the hunt, SPY (total return) and the gap between them first, then NAV, return since inception, a log-scale meter toward 10×, CAGR needed, max drawdown against SPY, trading costs, and the indexed equity curve with the 10× path.

The Hunt Ledger blotter listing every fill across the monthly and biweekly books, with side, shares, price, notional and cost — **The blotter**Every fill from every rebalance in both books, including the seed buys, with its modeled cost and a CSV download. Turnover is labeled as two-way (buys + sells) over NAV.