Paul Enright(@pmje73):One thing to notice in this chart is that is measures daily returns which are inherently prone to picking up noise when compared to monthly or quarterly returns. The measurement period matters because it feeds the circular/reflexive instinct to overreact. The goal is to avoid under reacting in the name of duration and overreacting in the name of volatility management or sharpe optimization.

2026.09.19 12:07

One thing to notice in this chart is that is measures daily returns which are inherently prone to picking up noise when compared to monthly or quarterly returns. The measurement period matters because it feeds the circular/reflexive instinct to overreact. The goal is to avoid under reacting in the name of duration and overreacting in the name of volatility management or sharpe optimization.

Paul Enright@pmje73

2026.09.19 11:28

I agree with almost everything in here, this is well presented, it hits on where the market is right now and supports precisely why I think there is an opportunity and need for adaptation.