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Dead Hand Capital

Outperforming the living, one portfolio at a time.

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Substack
PricingOnly free issuesPublishesWeekly
Issues46Foundeda year agoLast Issue5 days ago
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Latest Issues

Goodhart's Law

There is a moment, in the life of every measurement, when it stops describing the world and begins to replace it.

The measure is introduced honestly. It exists because some quality that matters - health, output, diligence, prosperity - is...

5 days ago
18
2

The Next Shot

“The most important shot in golf is the next one.” - Ben Hogan

There is a weight that men carry from one decision to the next, and it is the weight of the decision they have just made.

The golfer who has struck a catastrophic shot - into...

12 days ago
17
2

Survivorship Bias

There is a manner of studying success that guarantees one will never understand it. It consists of examining only those who succeeded.

The instinct is universal. We read the biographies of the great investors. We assemble the habits of the...

19 days ago
15
3

A Place To Stand

“Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.” - Archimedes

Most men, when they wish to move something larger than themselves, push harder.

This is the instinct of the species. Confronted by...

a month ago
12

Chesterton's Fence

There is a particular kind of man who, upon walking through a field and finding a fence in his way, decides that the fence must be removed.

He has examined the fence. He has determined that it serves no apparent purpose. There are no cattl...

a month ago
11
2

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  • Dead Hand Capital

    An investment newsletter devoted to the forgotten virtues of patience, silence, and rationality in a world addicted to motion. 20 years on Wall Street.

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