A Deposit Is Not a Recovery
The Machine Readings, Paper IV. One book, one evening, seven measures of the same loss: why every return must be read against the capital of its own moment, and what an instrument must never call healing.
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The Machine Readings
Scheduled Gaps
The Machine Readings, Paper III. Why a known event kills the positions born a week or two before it, not those born on its eve, and what a calendar can and cannot do.
ReadThe Occupied Book
The Machine Readings, Paper II. A fair walk is fair in money but not in time or in capacity: why the open book is made largely of the positions that will fail, and why edge must be priced by the day.
ReadThe Seven-Day Horizon
The Machine Readings, Paper I. Why a trading ledger reports its successes in hours and its failures in weeks, and what that does to every early verdict on a new rule.
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