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  • Source your own order flow #5 Jul 23, 2026 Source your own order flow An AMM can hold the best price and still never trade without order flow.
  • Programs run on physical machines #4 Apr 20, 2026 Programs run on physical machines Code doesn't age. Computers do — and entropy eventually sends an invoice.
  • Demand deposits are mispriced options #3 Apr 9, 2026 Demand deposits are mispriced options Depositors get a subsidized lunch, and nobody sees the itemized bill.
  • Hidden cost of leverage in LETFs #2 Mar 15, 2026 Hidden cost of leverage in LETFs A small annual drag, reinvested for over a decade, eats half the total return.
  • Who Meets Whom #1 Nov 29, 2017 Who Meets Whom Location data alone can reconstruct who you know, where you go, and when you meet.
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