For Fun, My Career Origin Story
The start of an option career in 2000
Do Professional Investors Understand Fees?
Non-obvious relationships between volatility and management fees
Lessons From Susquehanna
Portable lessons from my SIG days
How Tails Constrain Investment Allocations
How low probability-events restrict advisable position sizes
Market Mutations
An example of the biological nature of markets
Markets Will Permanently Reset Higher (My Sacrifice to the Delta Gods)
When the market going up is the scariest risk
Investing Is Biology Not Physics
Markets evolve and adapt. Be careful extrapolating from the past.
Is There Actually An Equity Premium Puzzle?
The distribution of the stock market is different than the distribution of stocks
How Much of Momentum Is Caused By Randomness?
This is an example of a broad question we should always ask ourselves: "what would the random version of some process look like?"
How Math Is Sufficient To Explain Small Stock Outperformance
Is it possible that factors overexplain excess performance?
Your Portfolio Intuition Is Poor
Our instincts about the role of correlation are not well-tuned
The Antisocial Advantage
When "disagreeable" is an adaptive trait
Percents Are Tricky
Possible pitfalls of thinking in percents with ratios
The Volatility Drain
The arithmetic behind how increased volatility reduces average compounded returns
The Peace Dividend of Overvaluation
What high prices beg for
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