---
type: commentary-monthly
status: draft
date: YYYY-MM
author: Dennis Elgegren
tickers: []
sectors: []
themes: []
usable: false
---

# Commentary — <MONTH YYYY>

**Internal note. Source material for the AI letter draft; not sent as-is.**
Mark any passage safe for client use with `usable: true` on its heading line.

## What was wrong this month

(decisions and rules — not market narrative)

## Positioning

(where we stand vs model, and why)

## Theme of the month

(one theme, developed — the letter's spine)

## Outlook

(what would change our mind)