The Illusions Markets Believe
Ledger Domain
The Pattern Finder
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The Permitted Issuer
On January 18, 2027, the GENIUS Act takes effect and the U.S. stablecoin market gets the regulatory framework it has wanted for half a decade. The framework chose winners. Bank subsidiaries, Circle, and a restructured Te…
2026-05-17 · market structure
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The Consensus Factory
How Wall Street's earnings estimates became a coordination game — and why 'beat by a penny' tells you nothing about the company that just reported.
2026-03-15 · behavioral finance
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The Twelve-Dollar Prophets
In 1999, two academics built a stochastic model that valued Amazon at $12.42. The market said $76. Then the market lost 92%. The story of the sleight of hand the crowd performed on itself — and the math that saw through …
2026-03-13 · behavioral finance