Every hypothesis gets tested until it breaks or proves itself. Both results get published.

MACRO · JAPAN

The Trade That Crashed the Nikkei 12% in a Day Is Back — and Japan Meets Friday

In 2024 a crowded yen trade turned a small Tokyo hike and one weak US jobs report into the Nikkei's worst day since 1987. It unwound in two weeks, then got rebuilt. The same sequence is lining up again, with $40 trillion of US federal debt behind it.

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Latest writing

01

INFRASTRUCTURE · OBSIDIAN + AGENTS

Obsidian + Claude Code: I Gave an AI My Notes and It Argued for an Idea I'd Killed

Research note

It read my vault and made a well-sourced case for a thesis I'd killed two months earlier. I nearly acted on it. The fix was a handful of documents — 2% of the words — that tell any reader how to read the rest.

02

PAPER · SSRN

New Paper: The Protocol That Cuts Backtest False Positives from 37% to 0.4%

Research note

The validation machinery behind every note on this site, written up properly: a failure-mode taxonomy, a Monte Carlo of both error types, and a new pre-registrable criterion. Free on SSRN, simulation code included.

03

THESIS · COMPLIANCE AS CODE

Regulation Is Code. You're Running It on Humans.

Research note

A compliance sign-off tells you the system passed on the day it was checked. Nobody measures what it does the rest of the year.

04

REJECTED · STOP-LOSSES

Monthly Stop-Losses: Every Threshold We Tested Lost

Research note

The worst months and the best months are usually the same month. Every threshold we tested took the loss and then sat out the recovery.

05

INFRASTRUCTURE · DATA STACK

The Menu Has Twenty Tools. We Run Five.

Research note

A one-person lab doesn't need twenty tools. Here are the five we kept, and why the license file mattered as much as the benchmarks.

06

INFRASTRUCTURE · AGENT DATABASES

The Shared Database Was the Bug

Research note

It held up fine with humans. Agents write faster, retry more, and don't wait their turn. One database per agent fixed the corruption, and made backtests reproducible as a side effect.

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