• The muscles of portfolio construction and valuation atrophy, as consensus-driven ‘access’ dominates behavior and idiosyncratic risk falls out of favour.


• The typical ‘power law’ distribution of outputs collapses as few genuine outliers can be realised from a concentrated pattern of investment.


• As returns converge on a mediocre market-rate, investors

When I think about how specific companies, factors, technologies, or even countries function in this spread, it begins to clarify how I should identify the asymmetry that exists. The critical thing about this spread is that many times, there isn’t a high-quality way to quantify the moving parts. There is a reason that people who get hard science

It is clear that in this new age of money management, people are focused on two things: minimizing volatility and short-term time horizons. Focus your creativity, research, and acquiring of expertise in the OPPOSITE of these things.