Separating variance from bad process improves P&L slope
The guest's analysis of his own long-term trading data showed that maintaining consistent risk after a drawdown - if the process was sound - leads to a steeper P&L curve, whereas reducing risk after losses flattens performance.
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The story so far
CONTESTED · 154 MENTIONS · 36 EPISODES · 24 SHOWS
21 JUL 2026 — 5 AUG 2026 · TODAY
124 SUPPORT · 28 CHALLENGE · 2 REPEAT
- OPTIMAL FINANCE DAILY
24 EPISODES BETWEEN · 83 MENTIONS
- ART OF INVESTING
- WEALTHION - BE FINANCIALLY RESILIENT
- THE BEST EVER CRE SHOW · 3 MENTIONS
- THE BEST EVER CRE SHOW · 3 MENTIONS
- THE ALPHA EXCHANGE · 2 MENTIONS
- ART OF INVESTING · 5 MENTIONS
- OPTIMAL FINANCE DAILY
- COMMODITY CULTURE · 2 MENTIONS
- PROF G MARKETS · 3 MENTIONS
- AFFORD ANYTHING
- MASTERS IN BUSINESS
- COMMODITY CULTURE
- YET ANOTHER VALUE PODCAST · 2 MENTIONS
- THE REAL ESTATE GUYS RADIO SHOW · 6 MENTIONS
- THE BEST EVER CRE SHOW · 7 MENTIONS
- Start a real estate career with fund-to-fund capital raising
- Transition from capital partner to founding deal member
- Social media as a capital raising funnel
- Focus on quality leads over vanity metrics
- Social media as distribution for young fund managers
- Time vs money trade-off in business building
- Soft commitments enable deal sourcing leverage
- PROF G MARKETS
- CAPITAL ALLOCATORS · 6 MENTIONS
- CAPITAL ALLOCATORS · 7 MENTIONS
- Quitting coach as a decision-making tool
- Sure loss aversion drives poor retail selling
- Quitting as a critical decision-making skill
- Everest turnaround rule as a quitting framework
- Optionality's value in managing uncertainty
- Parallel exploration before quitting
- Establish kill criteria before you're 'in it'
- CNBC FAST MONEY
- THE BEST EVER CRE SHOW · 5 MENTIONS
- PROF G MARKETS · 3 MENTIONS
- THE JULIA LA ROCHE SHOW · 8 MENTIONS
- Credit crisis as most likely policy misstep · CHALLENGES
- Observer discipline over headline chasing
- Buy what governments are buying
- AI's tail risk is in credit, not equity · CHALLENGES
- Fed's next decade: defending collateral, not rates
- Critical minerals hoarding at geopolitics-debt intersection
- Physical infrastructure over digital AI tech
- Avoid long-term bonds, protect capital first · CHALLENGES
- THE KNOWLEDGE PROJECT · 11 MENTIONS
- People and technology as the biggest needle movers
- Building products distribution ripe for tech disruption
- Positive feedback first, then constructive criticism
- Conway acquisition as a pivot into value
- Opportunity hides in messy complexity
- Cognitive self-management for business performance
- Non-judgmental concentration as a business superpower
- Building products distribution as a roll-up target
- Standardization as the key to M&A integration
- CEO as parental authority figure
- Diligence via 'if it was your money' questions
- PALISADES GOLD RADIO · 2 MENTIONS
- EXCESS RETURNS · 6 MENTIONS
- Euphoria as a trader's kryptonite
- Edge comes from thinking outside the four quadrants
- Creative, disparate thinking generates alpha
- Let the first impulsive thought pass
- Human behavioral patterns repeat, creating market edge
- Separating variance from bad process improves P&L slope · THIS IDEA
4 EPISODES BETWEEN · 30 MENTIONS
- BLOOMBERG SURVEILLANCE · 2 MENTIONS
- THOUGHTFUL MONEY · 12 MENTIONS
- U.S. intervention in yen a short-term bandage
- AI bubble exceeds dot-com, debt funding at risk · CHALLENGES
- Geopolitical actions driving yields and oil higher · CHALLENGES
- Political cycle dictates Iran policy, not economics
- Another 'lost decade' for stocks ahead · CHALLENGES
- No real economic relief before midterm elections · CHALLENGES
- Active management to outperform passive in lost decade
- Deflationary depression to pop triumvirate of bubbles · CHALLENGES
- Portfolio positioned for stagflation-to-deflation shift
- Hard assets favored in hyper-stagflation outcome
- Fed's new mandate: prevent recession and bear markets
- Fed hawkishness unsustainable, will force reversal · CHALLENGES
- BLOOMBERG SURVEILLANCE
- MONETARY MATTERS WITH JACK FARLEY · 15 MENTIONS
- Market driven by extrapolators, flows, and buybacks
- Five-star screen for risky assets
- US equity long-term returns consensus at 6% · CHALLENGES
- Extrapolators reinforce bull and bear markets
- Dynamic asset allocation using momentum
- NVIDIA faces rising competition · CHALLENGES
- Momentum strategy beats return chasing
- Underweight US equities on low expected return · CHALLENGES
- Market driven by extrapolators and corporate flows, not fundamentals
- Multi-agent model explains market puzzles
- Overweight non-US equities on valuation
- Current fixed income tilt to T-bills
- Combining value and momentum is most robust
- Momentum persists due to limited capital
- Static asset allocators drive market volatility
- THE LONG VIEW · 5 MENTIONS
- WEALTHION - BE FINANCIALLY RESILIENT · 9 MENTIONS
- AI bubble's final blow-off: levered capital impaired
- Slow-motion global sovereign debt crisis unfolding
- Momentum factor break signals shift to value
- Hyperscaler earnings quality is deteriorating rapidly
- Treasury supply-demand imbalance pressures yields
- AI bubble hinges on Anthropic, OpenAI IPOs
- Rising bond volatility threatens stock market stability
- Hide in short-term Treasuries like Buffett
- AI trade showing cracks; hyperscalers weak
- THE DIVIDEND CAFE · 2 MENTIONS
- YET ANOTHER VALUE PODCAST · 4 MENTIONS
- THE COMPOUND AND FRIENDS · 2 MENTIONS
- TOP TRADERS UNPLUGGED · 12 MENTIONS
- CIO role as building a decision system
- Team diversity and consensus decision-making
- Secondary market for private assets as a source of alpha
- Be curious, not judgmental for long-term investing
- Diversifier hedge funds for uncorrelated returns
- Endowment as a forever retiree
- High-convexity strategies as portfolio insurance
- Strategic asset allocation for resilience
- Skepticism on bonds as equity hedge · CHALLENGES
- Private investments must clear public hurdle
- Yale model's deeper lesson on inefficiency
- Increased allocation to traditional oil & gas
HOW THE SHOWS HAVE DISCUSSED THIS THESIS OVER TIME · NOT A PERFORMANCE RECORD