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Tristram Lett

Tristram Lett

The Hedgehog Blog

Tristram Lett is CIO of and a Partner at Integra Capital Management. He chairs its investment policy committee and also has the specific responsibility of managing the firm's Alpha Beta strategies.

Why Greece Must Go

Leaving the Eurozone would solve a lot of problems, both now and in the future.

The Myth of 2 and 20

Why your assumptions about hedge fund fees are all wrong.

Did Order Stuffing Cause Flash Crash?

High frequency traders choked NYSE on May 6.

How Transparency Killed Wall Street

“…substituting NMS and regulatory police for Dictum Meum Pactum was a bad trade…"

Removal of Uptick Rule: Perfect Storm

"It just may be that the suddenly electronic NYSE, stripped of its uptick rule, faced more efficiency than it could handle."

The Transparency Fallacy

Part Two: How the SEC caused the flash crash.

How the SEC Caused the Flash Crash

May 6th crash was a foreseeable concatenation of only a few elements..

Time to Kick VaR to the Curb

Or, how two moment mean-variance killed modern finance theory.

Bookstaber’s Law

Imprudence drives out prudence.

What is Alpha? And Does It Still Exist?

Think of it as the dark matter of the investment world.