The Map That Ate the Territory Every generation develops a new certainty about risk, and each new certainty eventually breaks on the same rock. Stockholm, December 1997. Myron Scholes and Robert Merton receive the Nobel Memorial Prize in Economic Sciences...
Out of Equilibrium The Santa Fe Revolution That’s Reshaping Finance Watch the Episode SERIES OVERVIEW Why do trends exist? For a trend follower, this is the fundamental question. For decades, much of mainstream financial theory struggled to explain why persistent...
There is a question that has tormented philosophers for centuries. Leibniz asked it. Heidegger called it the fundamental question of metaphysics. It still appears in late-night conversations, usually when the room has fallen quiet and someone has strayed a little...
The Programme, Complete Seven components. One integrated system. A synthesis of the System Anatomy Series: what each episode argued, how the components depend on one another, and why the intelligence was never in any single rule. Previous: System Anatomy 7:...
The Barometer held. The returns caught up. This was a week in which the same amount of trend did a great deal more work. The TTU Trend Barometer held at 55 percent, unchanged from last week and at the threshold...
Execution and Process The architecture only exists in the real world if we actually execute it. Previous: System Anatomy 6: Rollover Mechanics | Next: Synopsis: The Programme, Complete A circuit breaker does not make the electrical system work. Most of...
“A portfolio is not paid for the size of the moves around it. It is paid for the share of them it was already holding, and the two can point in opposite directions for weeks at a time.” About This...
Rollover Mechanics The system can only be as honest as the price history it sees. In futures, that history has to be constructed. Previous: System Anatomy 5: The Ensemble Approach | Next: System Anatomy 7: Execution and Process A surveyor...
The quietest week produced the strongest trend reading This was a much quieter week than the last. It may also have been a much better one for trend followers. The TTU Trend Barometer added another 5 points to reach 55...
The Ensemble Approach No single rule sees the whole market. That is not a problem to solve. It is the reason we use more than one. Previous: System Anatomy 4: Portfolio Construction | Next: System Anatomy 6: Rollover Mechanics A...
