Ergodicity
I first came across the word ergodicity in a book about information theory, which I was reading because I was interested in the (unicycle riding,... Read More
A banking paradox
I try to avoid writing blog posts on banks. I spent over a decade publishing research on banks – see here, and got well paid... Read More
Jeux sans frontiers
I’ve been meaning to publish something on Games Workshop since it has become my largest position. According to Bloomberg the shares are up 1000% in... Read More
Same, Same, but different
Even before Warren Buffett gave up on showing long term book value progression in his Annual Shareholders letter, others were noticing that price / book... Read More