The Path from Markowitz to Fractal Market Cycles

Macro and Micro are not definitive enough to describe Market Climatology

The Fractal Market Hypothesis (from my 1994 book) is the basis for my cycle and regime research.

Conceptual model for cycles and regimes

Capital markets move in cycles. Cycles move in regimes.

Using Measures of Similarity

“Stability leads to instability. The more stable things become and the longer things are stable, the more unstable they will be when the crisis hits.” — Hyman Minsky

The direction of expected inflation influences central bank policy and markets.

The level of inflation has a significant impact on the behavior of markets as well as how markets relate to one another.

“For uncertain matters there are no calculable probabilities whatsoever. We simply do not know.” - J.M. Keynes