Quarterly letters, research papers, and market notes from Park River Advisors on
convexity, risk, and long-term investing.
What’s the Demand for Intelligence? — Quarterly Letter, Q2 2026. On the AI boom, Munger’s “invert, always invert,” and why the Barbell Portfolio lets us participate in transformative technology without risking ruin.
Notes on a quiet VIX — Post, May 2026. Low realized volatility is not the same as low risk. A short note on what compressed option premiums mean for the patient, convexity-minded investor.
The Uncle Point — Quarterly Letter, Q1 2026. Sequence of returns, the “uncle point,” and why avoiding deep drawdowns beats chasing the average — plus a Legacy Planning primer on the estate-planning “Big Four.”
Black-Scholes 50 Years Later — Research Paper, Feb 2026. Fifty years after Black–Scholes enabled the shift to non-linear payoff structures, this paper re-evaluates the trilogy of foundational studies to ask whether passive-option-enhanced portfolios still outperform in today's high-frequency options market.