Notes on systematic investing, options, and volatility.
By Walter Kissling
The newsletter is written for sophisticated readers. New posts arrive irregularly; the most recent are below.
- APR 21, 2026Read on Substack
Correlations Going Up - Q1 in Review
TL;DR January: market rotation, hyperscalers announce ~$700Bn in AI capex
- MAR 24, 2026Read on Substack
Semi-liquid Except When You Need It
Private credit gates have just started to go up
- DEC 24, 2025Read on Substack
Happy Holidays
Wishing you a great 2026
- NOV 12, 2025Read on Substack
Cockroaches Starting to Appear
Jamie Dimon knows his stuff
- OCT 17, 2025Read on Substack
First Brands Meltdown and BDC Discounts
Market prices will reveal what things are truly worth
- OCT 13, 2025Read on Substack
In God We Trust All Others Bring Data
Why trust is such an important factor in finance
- SEP 05, 2025Read on Substack
Conflicts Galore No More
The industry is rife with conflicts of interest, we are not
- AUG 22, 2025Read on Substack
Buy and HODL
No, this isn't about crypto
- AUG 18, 2025Read on Substack
How It All Started
Why KSC exists
- JUL 03, 2025Read on Substack
Private Fund Party May be Coming to an End
New developments might shine a light into the true nature of private fund pricing
- JUN 11, 2025Read on Substack
IRR, PE Shenanigans, Complexity and Illiquidity
Interesting topics that have come up over the last weeks
- MAY 23, 2025Read on Substack
Do Bonds Still Diversify Stocks?
They have historically, going forward maybe not so much.
- APR 25, 2025Read on Substack
Not Even Yale Can Be Like Yale
Forced selling at the worst possible time
- APR 10, 2025Read on Substack
To Tariff or Not to Tariff
Investors were liberated from their capital gains...
- MAR 24, 2025Read on Substack
Following The Herd
Don't dive in following everybody else, sometimes it pays to be contrarian.
- MAR 17, 2025Read on Substack
Risk Tolerance and Asset Allocation
Investing is all about taking smart risks in adequate size
- MAR 08, 2025Read on Substack
The Last 15 Years Were Extraordinary, Don’t Expect That To Continue
Why you should trim your stock positions and lower expectations
- FEB 28, 2025Read on Substack
Private Credit, ETFs, and Public Market BDCs
Turns out liquid private credit has existed for decades
- FEB 24, 2025Read on Substack
Portfolio Construction and Market Timing
Market timing is a dirty word, but at extremes it adds value
- FEB 07, 2025Read on Substack
Tax Alpha
Optimizing taxes close to guarantees higher returns