The Curious Mind Research Letter No. 2 is out.
There’s a sentence in this issue that sounds wrong: a market can get worse at pricing while every single participant in it gets better at analysis.
It isn’t a hot take. It’s arithmetic — plain algebra, true of every group, every forecast, every time. And it’s the best explanation I’ve found for the strangest fact of this cycle: record-low correlations, healthy dispersion, and 79% of active large-cap managers underperforming anyway.
No. 2 works out what that arithmetic means for the next decade — and what I’d do about it.
This is the last free issue of the Research Letter. From September it goes to paying subscribers only. If you want founding terms before the public price, reply to this email with the word “Letter” and I’ll add you to the founding list personally.
And because it’s the last one that’s free to share — if you know one person who should read it, forward it to them today.
Ahmed