Ten years ago, on 1 July 2015, we began running our suite of proprietary investment engines, generating a large number of ‘market scores’ across a large number of global markets. We have continued this work—every week, without fail—right up to the present day.

The world has evolved over the past 10 years and the same is true of our investment systems. All told, we will have executed 25 generational upgrades since July 2025. Which works out to, on average, one system upgrade every 5 months over the full 10 year period. It has been a crazy amount of work.

When risk is high, we exit the market. When risk is low, we re-enter. By successfully exiting equity markets before and during the worst market crashes over the past 10 years, our risk scores have delivered remarkable levels of capital protection:

• Average level of capital protection in crashing markets: 65.7%

Capital protection in falling markets has always been the key driver of our outperformance. And by exiting markets when the risk of capital loss is high, we have succeeded in generating a total return that 3x better than the underlying markets. Here’s our total return since 1 July 2015 (USD):

• MSCI Emerging Markets: 17.5%

• Crystal Shore Alpha: 55.1%

We are sometimes asked if we think we can deliver these types of numbers over the next 10 years. Our honest answer is that we expect our numbers going forward to be significantly better. Because the systems we are running today are vastly superior to what we were running 10 years ago.

It is amazing how much one learns when one devotes one’s self to one mission, week by week, over a 10-year period. We’ve reached a stage where we can sometimes anticipate changes in risk scores. And we can often sense underlying problems developing before they even materialize. This intuitive knowledge is immensely valuable for mapping out future paths of system development.

Over the past 10 years, our system development has vastly outpaced our business development. Correcting this imbalance is our number one goal as we begin this second decade.