How Markets Work

How Markets Work

Markets Will Permanently Reset Higher (My Sacrifice to the Delta Gods)

When the market going up is the scariest risk

How Markets Work

Investing Is Biology Not Physics

Markets evolve and adapt. Be careful extrapolating from the past.

How Markets Work

Is There Actually An Equity Premium Puzzle?

The distribution of the stock market is different than the distribution of stocks

How Markets Work

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 Markets Work

How Math Is Sufficient To Explain Small Stock Outperformance

Is it possible that factors overexplain excess performance?

How Markets Work

Your Portfolio Intuition Is Poor

Our instincts about the role of correlation are not well-tuned

How Markets Work

The Antisocial Advantage

When "disagreeable" is an adaptive trait

How Markets Work

The Peace Dividend of Overvaluation

What high prices beg for

How Markets Work

The difficulty with shorting and inverse positions

The brutal arithmetic behind shorting

How Markets Work

Are car leases confusing?

Leases are options with an embedded cost of carry