Geometry over Taxonomy in Portfolio Construction

Diversification is a property of the geometry, not the label. When the two appear to coincide, it is by accident of regime.

Random Returns Die Hard

Apply cryptographic standards to the S&P 500 and the language of randomness falls apart.

The Physics of Fiat

What must move, what must distort, and what will never arrive.

Bond Buccaneers and HMS Crown

There are ships that carry weight, and ships that carry history.

The Trinity

There are only three forces left once illusion has been stripped away.

The Mad Hatter Auctioneer

The room is poorly lit.

The Right to Sell

There is a peculiar asymmetry in modern markets.

The Quiet End of Index Investing

It will not end with a crash.