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Bitcoin coin standing on a chessboard with silver and brass chess pieces. Concept of strategic digital currency investment.
Beyond the Sharpe Ratio: Why Tail-Risk Hedging Is Essential in Bitcoin’s Fat-Tailed Markets
A long-only Bitcoin strategy with a target Sharpe ratio of 0.8–1.2 and 60–70% volatility is an inherently risky proposition. The asset is high-beta with extreme negative skew and fat tails. While the elevated Sharpe suggests a high risk premium, this masks a pathological risk of ruin during retail capitulation events. The market's inefficiency stems from…
The attention economy as a financial asset
The thesis puts forward a five-part proposition: (i) the "vital energy" mentioned in the source text is formally isomorphic to the economic quantity of human attention, a scarce, allocable, measurable resource, as theorized by Herbert Simon (1971) and Michael Goldhaber (1997); (ii) this resource is captured by large corporations through a chain of signaling (Spence,…
China’s Domestic Immersion DUV Lithography Mass Production
On July 27-28, 2026, The Information and then Reuters confirmed the start of volume production of domestic Chinese deep ultraviolet (DUV) immersion lithography tools by Shanghai Aishengna Electronic Technology Group (a state-owned entity created in 2023, with a capital of approximately 7 billion CNY, integrating teams from Yuliangsheng/SiCarrier-Huawei and SMEE). Target: approximately 5 machines…
Vertical shot of a modern apartment building with lush terrace gardens and clear sky.
L’IMMOBILIER COGNITIF. SCOREGEX
Un quartier peut générer du G.A.V. par la densité de publicités anxiogènes, le bruit, la pollution, l'insécurité perçue, un manque d'espaces verts et une connectivité excessive. À l'inverse, un quartier « anti-GAV » propose des zones de silence, de nature et de convivialité, réduisant les stimulations négatives. Les nouveaux indices GAV pour Scoregex incluent l’IGE…
Long exposure of star trails creating circular patterns over two satellite dishes against a night sky.
Starlink Direct-to-Cell, also called Starlink Mobile or D2C/DTC
Starlink Direct-to-Cell (also called Starlink Mobile or D2C/DTC) is SpaceX’s satellite-to-smartphone service that lets ordinary, unmodified 4G/LTE phones connect directly to Starlink satellites for basic connectivity in areas without terrestrial cell coverage. As of August 2026, the Direct-to-Cell service has been live since July 2025, commercially launched with T-Mobile in the US. Its constellation comprises…