Adaptability and the Structure of Capital
A structure built for one environment binds when the environment moves around it.
Capital at Risk
Occasional papers on capital structure, behaviour, liquidity, measurement and governance.
Life and Capital
Life events create demands on capital that need not wait for favourable markets.
The Fossil Record of Finance
Markets look more stable than they are because failure is quietly edited out of the record.
Illiquidity, Institutions and the Promise of Access
Illiquidity works only when the capital's patience matches the asset's horizon.
Liquidity Promises and Structural Limits
Access to capital depends on both the underlying assets and the structure through which they are held.
Structure Determines Behaviour
Behaviour follows the container — structure, not intention, shapes how capital acts.
Capital Floors and Segmented Risk
Separating capital by function: a contractual floor beneath a bounded sleeve of participation.
The Behavioural Cost of Missing the Top
Defensive positioning can underperform before it protects, testing the discipline needed to hold it.