◆ ORFEUZ BLOG ◆

I wrote this two years before the launch of ChatGPT. The more I hear about scaling laws, computational power, and super-intelligence, the more I am convinced that much of what we call AI today will ev...

I was unsettled when Mandelbrot boldly declared normality as the “great intellectual fraud.” He did not mince words in criticizing the revered Carl Gauss, whose work on normality dominated 19th-centur...

At the recent Tradeville Quarterly Report event in Bucharest, I was asked about my views on the Romanian capital market. Without hesitation, I expressed my bullish outlook for Romania over the next de...

In 2024, John J. Hopfield and Geoffrey Hinton jointly received the Nobel Prize in Physics for their foundational work in neural network theory, specifically Hopfield’s associative memory model and Hin...

Interdisciplinary research gave me a toolbox to disassemble a host of theories across subjects such as statistics, psychology, physics, finance, and economics. Among the thinkers who continue to evoke...

Passive investing has always been celebrated for its simplicity, low fees, and solid long-term returns. But beneath that glossy surface lies a growing structural problem: the collapse of genuine diver...

The beauty of research is that every day—well, almost every day—you get an aha moment. There’s never a dull moment. Even when things aren’t working out, you can jump and say, “Wow! We failed again tod...

Re: Beyond Active and Passive: The Customization of Finance Dear CFA Institute, Your recent monograph, Beyond Active and Passive Investing, is a well-crafted reflection on the changing landscape of as...

Back on 27 September 2005, I incorporated Orfeuz. The idea struck me while I was wandering through an art gallery in Transylvania. Only later did I discover that Google celebrates that same date as it...

For my CAIA exam in 2021, I thoroughly studied the 200-plus pages of the CFA Institute’s Standards of Practice Handbook. It’s a brilliant and insightful read. However, I noticed it doesn’t apply the s...