Every field has a vocabulary, and the vocabulary matters more than it looks. Terms like attractor, ergodicity, phase transition and power law are not decorative imports from physics. They are the precise language required to describe things classical finance cannot...
Position Sizing The formula is simple. What it protects us from is not. Position sizing is not an optimisation problem. It is an engineering problem built around one requirement: remain in the game. Previous: System Anatomy 2: Exit Logic |...
Exit Logic The entry gets you in. The exit determines what happens next. Two rules. Two different problems. One keeps the mistake survivable. The other gives the extraordinary trade room to become extraordinary. Previous: System Anatomy 1: Entry Logic |...
Entry Logic The entry signal fires without certainty. That is not a flaw in the design. It is the condition under which the entire system operates. Previous: Introduction: The Programme, From the Inside | Next: System Anatomy 2: Exit Logic...
The Programme, From the Inside Introducing the System Anatomy Series: seven essays on the structural logic of how a systematic trend following programme is actually built and run, written for the practitioner who wants to understand the mechanics, not just...
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...
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...
A provocation, and a serious argument for why the equilibrium framework has run its course, and what should replace it. In 2008, as the financial system teetered, Queen Elizabeth II visited the London School of Economics and asked a simple...
Complex adaptive systems thinking applied to finance: what the framework offers, where it reaches its limits, and what a new book adds to the conversation. The application of complex adaptive systems theory to financial markets is no longer a fringe...
Traditional models keep failing practitioners. Here is why complexity theory offers something more honest, and more useful. Every practitioner who has survived a genuine market crisis has felt it: the uncomfortable gap between what the model said and what the...
