The Inversion Investor

The Inversion Investor

They Chased Alpha. I Collapsed Variance.

Peter Pham's avatar
Peter Pham
Sep 17, 2025
∙ Paid

For decades, Wall Street has trained everyone to chase alpha — the mythical gold pot at the end of the rainbow.

A few percentage points above the benchmark. A long-term compounding story. A promise that if you ride out the volatility, scale and patience will eventually reward you.

That’s the game: keep you focused on “alpha,” and keep you living inside va…

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