How Markets Work
Prices Are More Than Expectations
The difficulty of extracting what markets imply
How Markets Work
The difficulty of extracting what markets imply
Risk and Edge
Seeing the present clearly
How Markets Work
First principles or fast-follow?
How Markets Work
Different state tax regimes make home price comparison difficult.
How Markets Work
DCF valuations underestimate the value of an asset will trade for.
How Markets Work
Syngerstic bids look expensive to those without the same diversification advantages
How Markets Work
The moontower version of the "efficient markets hypothesis"
How Markets Work
Examples of a counterintuitive aspect of portfolio theory
How Markets Work
How oil tested assumptions that hold most of the time
How Markets Work
Markets are not democracies
How Markets Work
The start of an option career in 2000
How Markets Work
Non-obvious relationships between volatility and management fees
How Markets Work
Portable lessons from my SIG days
How Markets Work
An example of the biological nature of markets
How Markets Work
When the market going up is the scariest risk
How Markets Work
Markets evolve and adapt. Be careful extrapolating from the past.