Thefrantic calls from friends and clients are familiar during times of market stress. “Where will the market open?” “Should I ...

The art and science of modeling returns of financial assets is forever unsatisfying because no one model fully captures the true behavior of asset performances. The one-year distribution, in short, ...

Stock market returns are overwhelmingly driven by a small group of winners. We expect the same trend in digital assets. Between 1926 and 2016, just five out of 25,300 publicly traded companies drove ...

Over the last 15 years, the best 2.3% of S&P days provide returns equal to all 15 years’ returns; the worst 2.3% of days give back 2.1 times that. If you could eliminate the worst days while ...