September 22, 2026

Two things landed this month that look unrelated and are not. I passed the CIRE, the Canadian regulatory exam, and the working paper I had been building went up on SSRN with a full replication protocol. One is the rulebook for how you are allowed to act in markets. The other is a small piece of original evidence about how markets actually behave.

They turn out to be the same subject from two sides. Regulation exists because behaviour is patterned enough to be worth constraining, and the paper is an attempt to measure one of those patterns, that steadier cash flow compounds into higher long-horizon returns, from public filings and nothing else. Learning the rules and producing the evidence stopped feeling like separate tracks this month.

The line is the same one I have been on: less arguing a view, more building something that stands on its own, a passed exam, a paper someone else can reproduce, a desk that runs. Wood Gundy keeps all of it attached to real clients rather than to a thesis.