Last week's nearly 19% discount of SLV to its net asset value wasn't just another volatile day in silver. It was the largest ETF dislocation since October 10, 2008—the day TARP was announced during the Global Financial Crisis.That distinction matters. Because large, persistent ETF discounts don't come from opinion. They come from failed arbitrage.The common assumption is that a massive discount to NAV means price is wrong. It doesn't. It means the mechanism designed to force convergence has stepped aside. Markets don't break because prices move fast—they break when the systems that enforce alignment stop functioning.

Selling volatility still works—until it doesn’t. The real issue isn’t whether the volatility risk premium exists, but where it’s been competed away, how capital concentration changes the payoff geometry, and why most investors are selling convexity without being paid for it.

Gold and silver are expressing very different forms of asymmetry. Gold reflects slow-moving structural convexity tied to policy risk, while silver’s explosive moves are driven by liquidity squeezes and regulatory uncertainty. The opportunity isn’t prediction — it’s understanding the risk geometry.

Asymmetry in investing is often misunderstood as large upside potential. In reality, true asymmetric risk/reward is defined by controlled downside, not imagined gains. Without a clearly defined loss, upside narratives are irrelevant because unbounded risk dominates long-term outcomes. Asymmetry begins with survival.

Bitcoin doesn’t offer asymmetric risk/reward by default. Spot exposure is linear. The asymmetry is created by structure. By filtering exposure with anchored VWAP and defining downside with a volatility-based stop, risk becomes known while upside remains uncertain. That’s how a volatile asset is transformed into an asymmetric investment.

Does the cryptocurrency Bitcoin offer an asymmetric risk/reward payoff? Cryptocurrencies are often described as offering asymmetric upside and asymmetric risk/reward payoff, but that claim confuses volatility with structure. True asymmetry isn’t about how far an asset can go up. It’s about whether the downside is explicitly defined and limited before outcomes are known. Spot crypto exposure is essentially linear, fully exposed to drawdowns, and lacks built-in convexity. Without predefined loss limits, position sizing, or payoff engineering, there is no asymmetric risk/reward, only a narrative riding a volatility regime.

Are we entering a civil war—or a late-cycle phase of escalating internal conflict? An ASYMMETRY® Observation examining how rising polarization, institutional fragility, and historical cycles reshape risk, uncertainty, and capital allocation before systems break.

When do tax-exempt money market funds actually deliver an edge? This Asymmetry Observation breaks down the after-tax math behind taxable vs. tax-exempt cash yields, explains why “tax-free” often isn’t free, and shows how marginal tax rates and state taxes determine when the geometry finally flips.

Why many professionals and business owners earn wealth in one business—then lose it in another. An ASYMMETRY® Observation on exit risk, capital redeployment, and asymmetric risk management.

Asymmetric investing vs. trading is misunderstood. Our clients are investors, but as we manage their portfolios, we are tactical position traders We don’t day trade, and we don’t buy and hold blindly. In pursuit of asymmetric returns, we make deliberate buy and sell decisions to manage risk, adapt to changing conditions, and preserve capital through full market cycles.