Fasting taught me more about investing than any model.

Both require tolerating discomfort without reacting.
Both punish those who chase every signal.
Both reward a process — not a prediction.

The market, like hunger, passes.
Discipline, like compounding, accumulates.

Risk-on: equities up, credit tight, EM leads, dollar weak.
Risk-off: Treasuries rally, gold bid, yen strengthens, defensives lead.

Most investors watch one market. The edge is watching all of them simultaneously.

Divergence is the warning. $TLT $GLD $EEM

Momentum investing works — until it catastrophically doesn't.

2009: factor crashed ~80% in weeks as beaten-down assets snapped back.
2020: COVID reshuffled winners overnight.

The strategy that excels in trends fails hardest in reversals.

Know your failure mode. $MTUM