Growth under discipline
We take the hassle and worry out of managing your family’s money.
And your money never leaves your own account. We advise and guide. You stay in control.
Who we are
An advisor, not an app
You’re hiring someone to look after your family’s savings, the way you’d hire an accountant to do your taxes. Not a product you have to buy, learn and run yourself.
What you get
Every month, in writing, before anything touches your account
A plan for your money
Written for your situation, your income and what you’re saving for. We review it and bring it up to date every month. It doesn’t just sit in a drawer.A monthly sit-down
An hour together on what’s changed, what we think you should do, and anything new in your life we should plan around.Clear instructions
Exactly what to buy or sell in each account, how much, and why, in plain language. On the managed service we place the trades once you’ve approved them. On advice only, you check them and place them yourself.Someone to call
Between reviews, when markets are scary or your life changes. The same person every time, who already knows your situation.What makes us different
Three things we do that most firms don’t
None of them is complicated. They’re just the parts of the job most firms hand off to someone else.
We built it ourselves
We don’t buy a ready-made investment formula from someone else. We built the model, the client area and the research library ourselves. We know exactly how each one works, and we can explain every decision it makes. When something needs to change, we change it. We don’t wait on a vendor.
You can check us, including where we got it wrong
Every week we publish a note on what we’re seeing and why, before any advice reaches you. And we write down every change to the model before we test it: what it has to beat, on which history, and what happens if it doesn’t. We publish the results either way. Of the last ten ideas we tested, up to 25 October 2026, seven failed and we didn’t use them.
We work around your employer’s rules
Audit firms, banks and asset managers each keep a list of investments their people can’t own. Your plan is made of building blocks, not a fixed set of funds, and each block has several funds that do the same job. So if one fund is off limits, we use another, and your plan stays the same. We file the pre-clearance paperwork with each instruction.
What we’re named for
Growth under discipline
The name
नेमधारी · niyama, the rule · dhari, one who holds
Nemdhari means the one who keeps the rule, and sticks with it even when it would be easier not to.
The mark
Our mark is a bundle of grain, tied at the stem, inside a six-sided seal. The grain is growth. The tie is the promise we keep.
The tie doesn’t hold the grain back. It’s what lets you carry it without it scattering.
Why a rule
Anyone can write a rule. Sticking to it in a falling market is the hard part.
If your savings fall by half, they have to double just to get back to where they started. Most people have neither the years nor the nerve to wait that out. Keeping losses small is the most useful thing we do for you. It’s also the hard part, because it means selling when selling feels wrong.
How it works
How the model works
In plain terms. There’s more detail in the research library, which is open to anyone who signs up.
We read the economy
Each month we take six readings of the economy and place it on a map of growth and inflation.The surer we are, the more we invest
How much of your money is invested depends on how confident that reading makes us. When we’re unsure, a lot less is invested, and the rest sits in cash and Treasury bills.We step back early
Big falls usually give warning signs first. When one shows up, we cut risk right away. We’d rather be early and wrong than late and right.We stick to the rule
The decision comes from the rule, not from how the week felt. That’s the discipline, and it’s what the firm is named for.The six we read
And the map we put them on
Which of the four we’re in, and what we do about it, is our own work.
What it can hold: ordinary, low-cost funds: US and international shares, emerging markets, gold, commodities, managed futures, long bonds, a little bitcoin, and Treasury bills. Nothing exotic, and nothing you can’t sell on any trading day. Summit, still in preparation, adds listed call options on the S&P 500 and the Nasdaq 100, which also trade every market day.
Protecting your savings
When trouble’s coming, we step back early
Big market falls usually give warning signs first. We watch for three of them, and when one shows up we cut your risk right away. We don’t wait for the end of the month.
The four portfolios
One way of reading the market, four ways to hold it
We read the economy the same way for every family. What changes is how the portfolio is built, because a couple living off their savings and a forty-year-old still adding to a pension don’t need the same thing. There are four, one of them still in preparation, and we’ll tell you straight which one fits you.
For money you’re not touching yet
Macro Tide Core
Our main portfolio, for retirement accounts you’re still adding to. It holds ordinary funds and never borrows. When we turn cautious, it moves to cash and waits.
For a taxable account that allows it
Macro Tide Spring
Core, plus a small hedged position that can make money whether the market goes up or down. It has made more over time. It has also fallen further, and it needs an account that allows borrowing.
For families living off their savings
Macro Tide Harbor
Core, with about two years of your spending kept in Treasury bills. That way a bad market never forces you to sell at the bottom to pay your bills.
For retirement savings that can take a deeper fall
Macro Tide SummitIn preparation
Built to fall far less than the market, and to earn more than it over a full cycle.
It’s Core with more of the stock market in it. Listed call options on the S&P 500 and the Nasdaq 100 add about 40% more in shares, without borrowing, and the most those options can lose is what they cost. It opens once its own record is being kept and the brokerage has confirmed that a retirement account can hold the options.
What they would have done
These are model results, not client accounts. We ran the portfolios over history; nobody actually held them. The portfolios are shown net of a 0.75% annual advisory fee, with no allowance for dealing costs, before tax. The market row is the S&P 500 with dividends reinvested and no fee, for comparison.
| Portfolio | Growth a year | Worst fall |
|---|---|---|
| The market | 10.3% | −50.8% |
| Macro Tide Core | 11.6% | −7.7% |
| Macro Tide Spring | 12.6% | −8.8% |
| Macro Tide Harbor | 10.8% | −7.2% |
| Macro Tide Summit†in preparation | 13.6% | −10.0% |
| Portfolio | Growth a year | Worst fall |
|---|---|---|
| The market | 10.9% | −50.8% |
| Macro Tide Core | 13.1% | −8.4% |
| Macro Tide Spring | 13.6% | −8.4% |
| Macro Tide Harbor | 12.3% | −7.7% |
| Macro Tide Summit†in preparation | 15.4% | −10.7% |
† Macro Tide Summit is in preparation and isn’t offered yet. Its figures also include what we estimate it costs to buy and roll its options, priced by a model rather than taken from real historical quotes. If the options cost more to trade than we assume, its 15.4% a year from 2007 becomes 14.7%, and its 13.6% from 1996 becomes 13.0%. We designed the options side already knowing this history.
Look at the second column, then the third. Over thirty years the portfolios grew faster than the market. But the third column matters more: the market lost 51% on the way down, and the worst any of them lost was 10.7%.
That’s the whole argument. Not a bigger number at the end, but a much less frightening ride to get there. That’s what lets people stay invested long enough to arrive.
What if you’d started on a different day?
A single track record can flatter a portfolio, because it only shows what happened from one starting date. So we asked a fairer question. We picked 10,000 start dates at random and ran each of the three portfolios on offer forward from every one, to see the whole range of results an investor might have had, not just the one history happened to hand us. Summit isn’t part of this study yet.
Over any single year. Starting on a random day, the market lost money about one year in 5. Macro Tide Core, about one year in 17.
Over any ten years. Since 1996, someone who bought the market and held it for ten years was still down about one time in 10. The decade after 2000 was that bad. None of the three portfolios was down over ten years, from any start date we tested.
The honest part. These portfolios don’t beat the market every year, and they aren’t meant to. Measured from 1996, Core finished ahead of the market in about 44% of single years and 77% of ten-year stretches. Measured from 2007, that ten-year figure is 49%. The difference is the 2000s. The longer history includes a decade when the market went nowhere and being careful paid off. Ten-year stretches that start after 2007 are mostly the long bull market after 2009, and that was hard for anything careful to beat. So the case for these portfolios isn’t that they beat the market more often. It’s the one the table makes: a much smaller fall along the way. If you only hold for a short time, this is where they can disappoint you, and we’d rather tell you now.
And what they’ve actually done
Everything above is the rules run over history. This isn’t. On 31 August 2026 we opened a $100,000 record for each of the three portfolios on offer and started publishing it: every holding and every change, marked at each weekly note and never revised afterwards. It’s the one record here that couldn’t have been picked with hindsight. Summit’s record starts when the portfolio does.
| Portfolio | $100,000 became | Change | Against the market |
|---|---|---|---|
| Macro Tide Core | $98,350 | −1.65% | −0.43pp |
| Macro Tide Spring | $98,883 | −1.12% | +0.10pp |
| Macro Tide Harbor | $98,471 | −1.53% | −0.31pp |
| The market | $98,781 | −1.22% | — |
It’s 53 days old. That’s far too short to tell you whether the approach works, and we’d rather say so than let the number flatter us. What it does tell you is that the record exists, that it’s dated, and that we’ll keep publishing it in the months it goes against us.
We’re not showing the biggest fall yet (we want 13 weekly marks and have 11), or a risk-adjusted return (that needs 26). With this little history they’d just be arithmetic, not evidence. They’ll show up here on their own once the record is long enough to mean something.
Please read this part. Figures as at 27 October 2026, from 10,000 simulated start dates over the two periods shown. These are hypothetical model results: we ran the portfolios over historical data. They aren’t the returns of any client account, and no client held these portfolios over these periods. Model results benefit from hindsight in a way real investing doesn’t. The rules were chosen by people who already knew what happened next, and no model result carries the cost of changing course at the wrong moment. The portfolios are shown net of a 0.75% annual advisory fee, with no allowance for dealing costs, before tax, and so is the live record, with the fee charged day by day; Summit’s figures also include the estimated cost of its options. Past performance doesn’t predict future results, and you can lose money. If we ever manage your money, your own returns will be different from everything on this page.
The platform
Setu: everything you need to act, in one place
Setu is Sanskrit for a bridge, and for what holds two sides together. That’s what this is: the bridge between our model and your household.
Your accounts, always up to date
Managed: we pull your holdings from your brokerage every week. You don’t have to do anything. Advice only: you upload a file from your broker, and your own browser strips out the account numbers before anything is sent. Either way, you see what you own next to what the plan calls for, across all your accounts at once.
Trades placed for you, or by you
Managed: your adviser approves every trade, and it’s placed in your account under the limited permission you signed. Advice only: you get one ticket per account. It tells you what to buy or sell, how many shares, what kind of order to use, which tax lots to sell, and whether your employer allows it, and if not, what to buy instead.
A record, and a system that never learns your name
We keep your documents, your uploads and every instruction we’ve ever sent you. And here’s the part most firms can’t offer: our system never knows who you are. Your name and email are used only to sign you in. Everything behind that is filed under a household code that only we can link back to you.
To sign in, you just need your email and a one-time code. There’s no password for us to lose. The managed service is described here the way it will work once our registration as an adviser takes effect; see Disclosures. Sign in to Setu →
A small practice
We work with very few families, on purpose
Most of the people we look after were introduced by someone we already look after. You won’t become a name on a list, you won’t be handed to a junior, and the person who writes your plan is the person you sit down with.
Most families don’t need clever investments. They need a plan that fits their life, someone keeping a close eye on it, and a straight answer when they ask, “Am I okay?” That’s what we’re building.
This week
What we’re seeing in the economy
We publish our thinking as we go, before any advice reaches you, so you can go back and check whether we were right, including the times we weren’t. It’s education and market commentary, not personal advice.
The full library, with how the model works, the tests behind every rule and the record of what failed, is at research.nemdhari.com. It’s open to anyone who signs up.
Macro Tide, the weekly note
What we saw in the economy this week, and what we did about it.
Read →
Week in review
The week's economic numbers: what came in better, what came in worse, and what changed our mind.
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Daily monitor
The numbers we watch every day, including our three warning signs, updated whenever we publish.
Read →
The Fed balance sheet
How the Fed's balance sheet changes how much money is in the system, in plain English.
Read →
Feed People
Three weeks away in the Kumaon hills, at Kainchi Dham and at Gaya, and what the model saw in the bond market the day after I left.
Read →
Retirement Tax Check
One day the IRS makes you start taking money out of your 401(k) and IRA, and taxes it. See your household's number in thirty seconds.
Try it →
Macro Tide No. 1
Regime Note — 2026-08-31
Read →
Macro Tide No. 2
Macro Tide No. 2 — Goldilocks on paper, hotter underneath
Read →
Macro Tide No. 3
Macro Tide No. 3 — The print landed, the consumer flinched
Read →
Macro Tide No. 4
Macro Tide No. 4 — The hike landed, and the week split in two
Read →
Macro Tide No. 6
Macro Tide No. 6 — A record high on the narrowest breadth since 1990, and credit widening with nothing to offset it
Read →
Macro Tide No. 7
Macro Tide No. 7 — The concentration unwound, and the model bought momentum on the way down
Read →
Macro Tide No. 8
Macro Tide No. 8 — The megacaps were sold on what they intend to spend, not on what they earned
Read →
Contact
Start with a conversation
Every family starts the same way: a relaxed conversation about what you have, what you’re allowed to own, and what you want your money to do for you. No sales pitch, and nothing to sign.
If someone we look after sent you our way, mention them when you write. If you found us some other way, that’s fine too. We’d still like to hear from you.
If your job limits what you can invest in, tell us early. It shapes your plan more than almost anything else, and we’d rather build around it from day one.
- [email protected]
- Our writing
- The research library
- Existing clients
- Sign in to Setu, the client area