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...
“Two investors can run the same trades. Only one of them had to be right about anything.” Compounding is one of those ideas in finance that sounds simple until you actually live through it. A return is not earned in...
My father sat in that chair every evening. Same chair, same angle to the television, same hour, after dinner, when the light through the window turned golden and then faded. Over the years the cushion moulded to him. The armrests...
Listen to the full episode here: Why the Best Portfolios Are Built to Be Wrong: https://www.toptradersunplugged.com/podcast/why-the-best-portfolios-are-built-to-be-wrong-ft-david-dredge-richard-brennan/ I have just spent two hours with Dave Dredge and Niels Kaastrup-Larsen, and I am still thinking about it. Here is the odd thing...
The room goes quiet. “Sold.” That single word ends an auction. But it also hides one of the deepest truths about markets. The textbooks call it price discovery, as though a true value had been buried somewhere and the auction...
“Two portfolios can post the same number. Only one is standing here.” Picture two bridges across the same canyon. The first hangs from a single cable, engineered to perfection and rated to carry ten thousand tonnes. The second hangs from...
You have seen it, even if you never stopped to name it. Dusk, maybe. Thousands of starlings over a field, moving as one. The flock contracts, expands, pivots. It flows like smoke, like water, like something alive. A falcon dives...
“Time and again, our work is judged by instruments built for a different game and against objectives we never chose. This is a long look at what actually separates the classic trend follower from the rest of the investment world,...
The fifty greatest trends in forty years of futures markets, and what they reveal about luck, selection, and the futility of picking winners Warren Buffett, the most celebrated stock picker who has ever lived, is disarmingly honest about where his...
A seashell, a coastline, and a stock chart are built from the same rule. Once you can see it, a price chart never looks the same again. Four animations, with everything you need to read them, whether this is your...
