NEXT: THE STILLNESS BEFORE | Episode 2 of 8: Why a Market Needs an Argument The safest choice Most of us have money riding on the market, whether we follow it or not. It sits in a pension, a retirement...
The Zero Beneath the Zero: What We Found When We Looked Beneath the Most Quoted Statistic in Finance Phase 1 proved the fingerprint exists. Phase 2 investigates what the fingerprint does. The answer changes how you think about markets, trend-following,...
Wealth is not created by the return you earn in any single year. It is created by the shape of the path your capital travels across all of them. This series exists because the mathematics of that path has been...
Wealth is not found by the brilliant. It is built by the disciplined. Not through the right predictions, but through the right process PREVIOUS: THE GEOMETRY OF WEALTH | Episode 14 of 15: Portfolio Construction for the Multiplicative World| NEXT:...
The question is not whether to include trend following in a portfolio. The question is how much compounding you are willing to sacrifice by not including it PREVIOUS: THE GEOMETRY OF WEALTH | Episode 13 of 15: The Right Toolkit:...
If you evaluate a trend follower using the Sharpe ratio, you will reject the best compounders and select the ones most likely to disappoint. The metric is not just imprecise. It is precisely backwards PREVIOUS: THE GEOMETRY OF WEALTH |...
The greatest threat to the trend follower is not a bad month or a bad year. It is the decade-long bull market where the process quietly bleeds while buy-and-hold investors celebrate. The geometry of wealth extracts its price in patience....
If one program beats Berkshire on drawdown-adjusted compounding, it might be luck. If seventeen do, using different models, in different countries, across different decades, it is evidence of something deeper than skill. PREVIOUS: THE GEOMETRY OF WEALTH | Episode 10...
Markets Are Not Random: The Fractals of Finance Nine episodes. Sixty-eight markets. Forty-one years of data. The most fundamental assumption in modern finance, tested directly. The answer is no. Watch the Episode SERIES OVERVIEW This Dispatch walks through The Fractals...
A dollar invested in Mulvaney’s Global Diversified Program in January 2000 is worth $75.50 today. A dollar in the S&P 500 is worth $7.48. A dollar in Berkshire Hathaway is worth $14.11. The geometry of wealth is the difference between...
