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Markets, read through the 3N™ lens.

Short, chart-led notes on market structure, benchmarks and the mechanics of alpha — published as markets move. The research behind them — 19 SSRN papers and books — lives in the Library.

THE BOOK2025 · 332 pages End of Passive Investing: Story of the Hidden Bias 150 years of index-making, one hidden bias, and the probability-based fix — the research program, told in order. Read the note → Q2 2026 NEWS 3N at the CMT Canada Quarterly SummitCMT Association · Canada Quarterly Summit 2026 · talk View ↗ 2026 RESEARCH Cap-weighting has two biases, not one.Reinventing Benchmark Construction — TSX 60 · 6 min Read → NOV 2025 NEWS The hidden-bias talk, in BucharestCFA Society Romania · chapter talk · 10 November 2025 View ↗ OCT 2025 NEWS End of Passive Investing, live in MumbaiCFA Society India · LSEG Office, Mumbai · 31 October 2025 View ↗ 2024 RESEARCH After Smart Beta: the machine that rebuilds the index.Machine Beta · 5 min Read → NOV 2023 NEWS How will AI resolve your wealth problem!Podcast Goldring · with Mukul Pal · 19 November 2023 Listen ↗ SEP 2022 NEWS AlphaBlock launches Pay for AlphaMaRS announcement · backed by Real Ventures Read → JUL 2022 RESEARCH The index you can’t beat was never designed to be beaten.The S&P 500 Myth · 6 min Read → JAN 2022 RESEARCH Intelligence compounds: order, disorder, and the snowball.The Snowball Effect · 5 min Read → 2021 RESEARCH From Schrödinger’s question to a machine for order.3N Model of Life · 5 min Read → APR 2018 NEWS The founder, in long formICOVISIONS podcast · with Mukul Pal · video Watch ↗ DEC 2016 RESEARCH Two Nobel prizes, one contradiction.The Beta Maths · 5 min Read → SEP 2015 RESEARCH Value is a behaviour, not a number.What is Value? · 5 min Read → 2015 RESEARCH Information decays — and EMH ignores it.Reversion Diversion Hypothesis · 5 min Read → 2015 RESEARCH Momentum and reversion are one machine.Momentum and Reversion · 5 min Read → MAY 2015 NEWS The predictability thesis, ten years before 3N went liveStartup Grind · fireside with Mukul Pal · video Watch ↗ MAY 2015 RESEARCH Galton’s 130-year-old idea, finally a framework.Mean Reversion Framework · 5 min Read →

New notes publish here as markets move.