Selected capstone
Allocation / institution / street
The market is built in layers.
Capital moves through institutions, instruments, and constraints. Capstone studies the architecture above the sleeves: how surviving ideas become portfolios.
The allocation layer above the sleeves. Fourteen competing ways to assemble what survived, followed by eighteen BLOCK studies that ask where each modification puts the risk.
Each capstone uses the same research family but asks a different portfolio-level question: equal risk or optimization, discipline or faith, concentration or breadth, standalone merit or portfolio contribution. Select a capstone and move through its actual tested alternatives.
Ten “modify to death” studies and eight cross-asset premium-map studies form the 18-part BLOCK program. The interaction does not invent a backtest: it exposes the mechanism each repository study documented—tail, mark, funding, regime, or diversification.
The capstone layer now spans general allocation, preservation, aggressive return, liability-driven investing, dealer carry, and economic-doctrine controls. The lesson remains to diversify across uncorrelated ingredients rather than stack correlated allocators.
Capital moves through institutions, instruments, and constraints. Capstone studies the architecture above the sleeves: how surviving ideas become portfolios.