Vanna and Charm: The Second-Order Flows That Move Markets Quietly
2 min read · Updated Jul 2026 Dealer gamma is now widely discussed, which means its informational edge has decayed. The second-order sensitivities behind it are still poorly
The Variance Risk Premium Is the Most Reliable Anomaly Nobody Talks About
3 min read · Updated Jul 2026 Across decades, across indices, and across most liquid single names, implied volatility has traded above the volatility that subsequently mater
The Household Balance Sheet Is Short Volatility
4 min read · Updated Jul 2026 · Volatility & Flows Strip a household down to its cash flows and an uncomfortable structure appears. Income depends on employment,
Buckets, Glide Paths, and the Time Horizon Problem
3 min read · Updated Jul 2026 · Portfolio Strategy Two families of technique dominate how planners map money to time. Bucketing splits the portfolio by when it will b
Best Interests as an Operating System
5 min read · Updated Jul 2026 · Portfolio Strategy Australian advice law contains a phrase that sounds like a slogan and functions like a machine: the best interests
The Network Nobody Can Turn Off
Bitcoin has been running continuously for over fifteen years without a single hour of downtime. No company, no government, no military has achieved this. Understanding why the netw
The Six-Step Planning Process, Stripped to Its Mechanism
3 min read · Updated Jul 2026 · Portfolio Strategy The financial planning profession runs on a six-step process: establish the scope, gather the data, analyse the pos