This will become a simple front door to the archive: what I’m writing, why it matters, and how to read it without the noise.
Capital at Risk — Paper 11 I. Measurement as Structure Capital is organised around the risk that can be measured. Volatility, drawdown and correlation can be observed, reported and compared. These measures provide a framework for communication between managers, advisers and clients, and allow portfolios to be evaluated within defined intervals
I. The Horizon Problem Capital operates on long horizons. The structures surrounding it are designed around short ones. Businesses develop over decades. Property is held across cycles. Family wealth often spans generations. Yet the financial structures surrounding that capital are organised around much shorter intervals. Performance is measured quarterly. Funds
I. Measurement and Management Capital is usually organised around the risk we can measure. Volatility can be calculated. Drawdown can be reported. Duration can be modelled. Correlation can be observed across historical data. These measures are useful. They provide a common language for describing risk, a basis for comparison, and
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