Europe, the Middle East, and Africa.
EMEA is a member of the Blaque Baux family. The core repo is the engine and blueprint — a governed, systematic platform (Julia) with a venue-agnostic execution controller and a Layer-3 live-money safety gate. EMEA points that engine in its own direction and inherits the governance wholesale.
Not investment advice. Educational/research software. Nothing here is validated. See LICENSE.
git clone --recursive https://github.com/blaquebaux/emea.git
julia --project=engine -e 'using Pkg; Pkg.instantiate()' # one-time engine setupRegional exposure via US-listed ETFs and ADRs (VGK, EZU, EWG, EWU, EIS, EZA and peers) — a macro / regional-rotation sleeve. Caveat: traded through US-listed wrappers, so it inherits US-hours pricing and embedded FX.
Full detail in research/README.md. The scorecard:
| # | Question | Verdict |
|---|---|---|
| 1 | Distinct exposure or US beta? | ❌ US beta wearing a flag — 11 ETFs → 1.8 bets, corr-SPY 0.82; +0.61/+10%/−40% vs SPY +0.88/+15%/−34% |
| 1 | What does the unhedged FX cost? | |
| 2 | Does country / region rotation add alpha? | ❌ no — long-RS +0.61 = EW-hold; long-short −0.23; cross-region rotate +0.60 < SPY +0.88 |
The synthesis: EMEA is the starkest "US beta wearing a flag" in the family — 11 country ETFs from Germany to Turkey collapse to 1.8 effective bets (corr-SPY 0.82, beta 0.90) and underperform SPY on every axis (+0.61/+10%/−40% vs +0.88/+15%/−34%), while adding political tail risk. It is the most dollar-sensitive region (corr to UUP −0.38), carrying an uncompensated FX drag (hedged Europe beats unhedged), and rotation adds nothing (long-short country momentum is negative, −0.23 — Europe's countries move together). A null as a standalone sleeve; at best a currency-hedged input to a global relative-strength book — where APAC, not EMEA, is the better candidate.
Research: first pass complete — a null (US beta + FX drag, no rotation edge) (research/). No live
driver. Geography within equities is just more beta; the honest conclusion points back to the spine.
Blaque Baux is a quantitative research initiative and a subsidiary of Carter Warrens. BlaqueBaux.com is the home for the work; the code lives here on GitHub — open to study, test, and build bespoke strategies on top of.
Anyone can point an AI at a market. The edge is understanding what the data actually says — and turning it into something you can act on. We test relentlessly and put most of it on the record as rejected, with the reason; what survives is built, governed, and validated before it is ever called real. That combination — honest research, reproducible evidence, and execution you can trust — is why Carter Warrens leads on strategy and implementation, not merely uses the tools everyone now has.
This repo is one sleeve of the Blaque Baux family — a single governed engine steered in many directions. The core repo is the base/blueprint and holds the full family roster.
engine/ the Blaque Baux platform (git submodule -> blaquebaux/base)
research/ two Path-A sketches (regional beta + FX drag, country/region rotation) + scorecard
live/ governed live drivers (once a sleeve graduates to paper A/B)
MIT. (c) 2026 Carter Warrens.