Research

Ideas before instruments.

Notes on market structure, portfolio construction and the decisions that matter before a security is selected.

Latest note
01

Good Panic, Bad Panic

Not every fall in price carries the same information. A useful investment process asks whether fear is repricing assets inside a functioning system—or whether the system itself is under strain.

Research is published when there is a durable idea worth making public. This page will grow as new notes meet that standard.