Category: Series

Previous: Episode 4 Addendum – The Unwritten SequenceNext: Series Synopsis Diversification does not cure fat tails. The controlled experiment, the prescription, and five failed hypotheses. The Evidence Base: Over 640,000 daily observations across 68 global futures markets, spanning more than...

Previous: Episode 4 – Risk Is Not VarianceNext: Episode 5 – What Works And What We Got Wrong Why identical returns produce different investors Three interactive experiments on one objection to Episode 4, and what answering it costs. Episode 4...

Previous: Episode 3 – Six Ways the Assumption BreaksNext: Episode 4 Addendum – The Unwritten Sequence Shuffle forty years of returns like a deck of cards. Every statistic stays identical. The worst loss moves 50 points. The Evidence Base: Over...

Previous: Episode 2 – The Two-Cent DollarNext: Episode 4 – Risk Is Not Variance A safety limit breached twice as often as promised. A quiet bond market that authorised sixteen times leverage. The Evidence Base: Over 640,000 daily observations across...

Previous: Episode 1. The Tyranny of the SquareNext: Episode 3. Six Ways the Assumption Breaks 4.6% of trades make all the money. Here is what the industry scoreboard pays a manager for catching one. The Evidence Base: Over 640,000 daily...

Next: Episode 2. The Two-Cent Dollar Modern finance measures risk by squaring. Across 68 futures markets and 42 years, here is what that square hides. The Evidence Base: Over 640,000 daily observations across 68 global futures markets, spanning more than...