Substack update. Rupak's Substack has transitioned over the last few months from a broad finance coverage to an exclusive focus on hedge funds, trading firms, and financial market structure, with a few rarer posts on fintech neobanks. I didn't know what I was going to write about when I started a year ago. What became obvious after a few months is that there are so many newsletters and so much information in the traditional media that you need a level of focus when new to the game.

To quote the energy trader John Arnold, whom I wrote about recently, "the business plan I developed was to be an inch wide and a mile deep".

To be honest, I am not sure Rupak's Substack has got to be a mile deep so far, but the idea is to do deep-dives that are too long or too specific for those major media outlets, which I read and admire.

This is never going to be a huge newsletter, but I am happy that we are adding 500 subscribers a month at the moment. Without giving away names of specific firms, we have pretty much every major multi-strategy hedge fund - pod shop, quant fund, macro/FI fund - having dozens of subscribers each, and of course all the major sell-side banks.

Average views are coming in at around 10,000 per piece, with a range between 5,000 and 18,000 views. Open rate is holding at 50%, which is the most important metric for me!

Baby steps still, but thank you all for your support in spreading the word