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.
5 documents
The paper introduces power perpetuals, derivatives indexed to a power of an underlying asset’s price. Because a power above one creates convex exposure, gains and losses respond asymmetrically to price moves. Long holders pay a periodic premium yield to…
This document curates seven essays and investor letters that offer different ways to assess Bitcoin. The perspectives include a small long-term allocation based on asymmetric outcomes, Bitcoin as a possible store of value during monetary expansion,…
This founder-focused note draws lessons from earlier crypto booms and downturns. It describes recurring pressures: sharp emotional swings, intense public attention, failures among weak businesses, increased regulatory scrutiny, and infrastructure strain when…
The document develops pm-AMM, an automated market maker designed for binary prediction market tokens. It models token prices with Gaussian score dynamics: the event price tracks the probability that an underlying random walk finishes above a threshold.…
The article analyzes whether liquidity providers in a cash and risky-asset pool can outperform a static, unrebalanced portfolio when every trade is an arbitrage trade. Its model treats the risky asset as moving randomly and compares long-run compounded…