Why the orthodox toolkit of the asset management industry is structurally broken — what replaces it — and the only worked example we know that delivers a live XIRR of +109%.
In Heresy I, we said don’t buy US stocks. The standard rebuttal was: “Fine, diversify globally.”
In Heresy II, we showed why that rebuttal fails — Bessembinder, Chen, Choi, and Wei (2…
