Lessons

Full chapters, not summaries. Each one derives the math, works it on real market data and shows where the method breaks. The library is starting: new chapters are added as they are written.

• Why 25-sigma days keep happening. The five things every return series does, the model that captures them and what they do to the risk number a bank reports every day.
• The optimizer is an error maximizer. Markowitz, eleven portfolios and eighteen years out of sample: what estimation error does to an optimizer, what shrinkage, constraints and clustering fix, and what they cannot.

Bonton Academy is the education arm of Bonton AI, a quantitative research and development firm in Yerevan, Armenia, founded by Robert Yenokyan.