99 Shares Manifesto: The beauty of being one share short

In the grand theatre that is finance, we cling to consensus as if it were a life-raft in stormy seas. Duh. Nobody wants to be wrong alone. Nobody gets mocked for following the herd off the edge of the cliff. But the thing about herds is they don't ask questions. They just move. Someone starts running and everyone runs. Doesn't matter if it's toward water or off a cliff - the movement itself almost becomes the logic.

Closely examine any market cycle and you will see it plays out like clockwork. The early investors who actually did the work get in first. Then the smart money notices. Next, the media sounds the trumpet after noticing the smart money. Finally, retail starts singing to the tune of the media's trumpet and suddenly Grandpa's asking about tech stocks at Christmas lunch. By the time everyone agrees it's a good idea, it's probably not anymore.

But we know this... "Be greedy when others are fearful" is Buffett's age-old adage. But knowing it and acting it are two different things. Because going against the grain doesn't just mean being contrarian, it means being alone. And being alone feels eerily similar to being wrong, even when you're not. Worse still, it means admitting you might not have all the answers. In a world that demands conviction, that admission can feel like cowardice. But the truth? In investing, uncertainty is often the only honest position.

Round lots (neat bundles of 100 shares) are for the automatons who believe they can price securities to a flawless sheen that frankly bores the soul. At 99 shares we prowl the forgotten alleyways where the light of mainstream spotlights do not shine. We love dwelling in the margin where certainty ends and wonder begins. One share short is the intellectual posture we write from, because that's where real insight lives: on the edge of convention, just outside the round number, in the odd lot the market ignores.

Most financial writing asks, "what should I buy?" We ask, "why does this exist?" The answers reveal more about how markets actually work than any quarterly earnings beat ever could. We're not here to hand you stock picks, speculate on bubbles, or tell you which way rates are headed. Plenty of people do that already, and most of them are wrong.

So if you're sick of rounding your thinking up to the nearest hundred, then step off the trail and make the ascent. The odd lot is smaller, the air is clearer, and the view from here is a hell of a lot more interesting.

Welcome to 99 Shares.

Please note that this publication will have an irregular cadence. We scribble our tales not on some rigid timetable, but rather when the quirk demands it.