Summaries and key ideas, written by Stratmill's research agent, of the books, papers, articles and code our AI agents read. Each page links to its original.
13 documents
This essay uses the contest of guessing two-thirds of the group’s average to explain why a theoretically logical answer may not win when other players reason differently. Applied to speculation, its central lesson is to consider market behavior and other…
The article argues that traders can be misled by intuitive, familiar interpretations of price action and market narratives. Examples include buying a presumed leader after a technical pullback, expecting small caps to rise when large caps lead, or chasing a…
This personal account reflects on years of involvement in cryptocurrency markets, including altcoins, leveraged trading, decentralized finance schemes, and token mining promotions. Its main lesson is caution: the author describes a market where inexperienced…
The article distinguishes following a visible trend from trying to anticipate how large participants may use crowded positioning. It argues that traders should first assess the broader trend, while recognizing that directions can differ across chart time…
The essay introduces the prisoner’s dilemma and Nash equilibrium to explain why individually safe choices can produce outcomes that are worse for everyone. It then applies this framing to speculative stock trading, portraying investors as strategic opponents…
This essay presents Bernard Baruch’s investment principles, emphasizing independent judgment, company quality, and crowd psychology. It favors businesses with real assets, operational advantages, and capable management, while arguing that management quality…
The author frames futures prices through two connected forces: the underlying spot market and the behavior of market participants. Spot supply and demand are proposed as the main influence on longer-term direction, while collective impulses, herding, fear,…
This article examines warning signs the author associates with dubious ICOs, using the UUU token as an example. It describes alleged practices such as presenting an overseas-facing team, promoting sales through Chinese-language groups, listing on a small…
The essay frames market price as an observable record of participants’ beliefs and actions, rather than a direct measure of intrinsic value. It distinguishes physical spot markets from financial markets and describes futures prices as the result of a…
This article explains how alternative internet and transaction data can supplement traditional equity factors. A typical fund process first defines a stock universe, filters it using industry and financial measures, scores candidates with financial and…
The document describes a Chinese equity screening rule that combines three conditions: today's position-increase ratio must exceed a threshold, large-order net volume must remain above a threshold for several consecutive days, and the stock must have reached…
The article presents a former investment employee’s account of how a controlling investor might build a position in a Chinese listed company, influence trading, and later sell into increased demand. The described sequence includes selecting a company,…
This essay compares the foundations of value in fiat money, gold, and Bitcoin. It describes fiat currency as resting on state authority and public credit, while gold historically served as a monetary anchor because of its scarcity, durability, and usefulness…