Notes from the research desk.
Short, educational reads on process, risk, and how to evaluate performance data critically — including our own.
Risk & Drawdowns
Understanding Drawdowns: The Cost of Compounding
A 50% loss needs a 100% gain just to break even. Why controlling the size of a drawdown matters more than most investors realize.
Track Records
How to Read an Equity Curve Like an Analyst
A smooth upward line looks impressive. Here's what to check before you trust one — including the ones on this site.