Research
MorMag believes rigorous research is the foundation of effective capital allocation. Our analysis combines macroeconomic insight, company-level fundamentals, and long-term structural thinking to identify opportunities across global markets.
Featured Research
Gamma and Additive Processes
Gamma and additive processes provide powerful mathematical frameworks for modelling the accumulation of random change, particularly where uncertainty evolves through positive increments, jumps, and variable rates over time. At MorMag, we use stochastic processes as a way of understanding markets as dynamic systems in which uncertainty accumulates, compounds, and occasionally changes abruptly.
Wiener and Poisson Processes
Wiener and Poisson processes form two of the most important building blocks of modern stochastic modelling, providing mathematical frameworks for understanding continuous uncertainty and discrete events. At MorMag, we view both as essential tools for understanding how uncertainty, information, and market dynamics unfold through time.
Behavioral Economics and Adam Smith
Behavioral economics is often presented as a revolutionary challenge to classical economic thought, by demonstrating that human decision-making frequently departs from the assumptions of perfect rationality. At MorMag, we view markets as complex adaptive systems populated by human beings rather than abstract rational agents.
Artificial Intelligence and the History of Bubbles
The relationship between technological innovation and financial bubbles is one of the enduring patterns of economic history. At MorMag, the history of technological bubbles is used to distinguish carefully between technological progress and investment opportunity.
The Information Diffusion Model
Financial markets are often described as information-processing systems. New information enters the market, investors interpret it, expectations change, capital is reallocated, and prices adjust. At MorMag, information is best understood not as a static commodity but as a dynamic process.
Lévy Processes and the Limits of Gaussian Markets
Lévy processes represent one of the most important advances in modern financial modelling because they acknowledge that price movements are not always smooth and risk is not always normally distributed. At MorMag, markets are viewed not as smooth equilibrium machines but as evolving adaptive systems operating under persistent uncertainty.
Path Dependence
Path dependence is the principle that history matters. Financial markets, businesses, economies, and investment portfolios all exhibit path-dependent characteristics. At MorMag, path dependence is viewed as a cornerstone of complexity thinking and investment analysis.
Building Institutional Research Systems
Building institutional research systems is one of the most important challenges in modern investment management. Institutional systems provide structure, scalability, consistency, and organisational memory. At MorMag, research is viewed not simply as the production of insights but as the construction of infrastructure capable of producing insights repeatedly over time.
What Is Value?
Value is one of the most important and most complex concepts in finance. It cannot be observed directly. It must be estimated through judgment, analysis, and probabilistic reasoning. At MorMag, understanding value is viewed as the foundation of intelligent investing.
The Anatomy of Financial Fragility
Financial fragility is the tendency of a system to suffer disproportionate damage when exposed to shocks. At MorMag, fragility is viewed not as an isolated market phenomenon but as a fundamental characteristic of complex financial systems.
Emergence in Financial Markets
Emergence is one of the most important concepts in understanding financial markets because it explains how complex market behaviour arises from simple interactions among countless participants. Asset prices, market regimes, speculative bubbles, financial crises, liquidity dynamics, and systemic risk all exhibit emergent characteristics. At MorMag, emergence is viewed as a cornerstone of complexity science and market analysis.
Decision Making Under Stress
Decision-making under stress represents one of the most important challenges in investing. Stress alters attention, influences emotion, narrows perspective, distorts risk perception, and consumes cognitive resources; these effects can significantly impair judgment precisely when good decisions matter most. At MorMag, this perspective forms an important component of behavioural finance and investment philosophy.
Investing as Decision-Making Under Uncertainty
Investing is not a forecasting competition, it is a discipline of decision-making under uncertainty. The future cannot be known with certainty. Information remains incomplete, unexpected events occur continuously, multiple futures remain possible at all times. At MorMag, this perspective forms a cornerstone of investment philosophy; because uncertainty is not a temporary feature of markets, it is their defining characteristic.
Why Bid-Ask Spreads Exist
Bid-ask spreads exist because liquidity is valuable and providing liquidity involves risk. At MorMag, spreads are viewed as more than transaction costs, they are signals, that reveal the hidden economics of market making and provide insight into the structure of modern financial systems.
Stochastic Calculus Without Fear
Stochastic calculus often appears intimidating because it is introduced through advanced mathematics, yet its central idea is remarkably straightforward. At MorMag, stochastic calculus is viewed not as an exercise in mathematical complexity but as a powerful way of understanding uncertainty itself.
Attention as a Scarce Asset
Attention has become one of the most valuable resources in the modern world. At MorMag, attention is viewed as a foundational component of behavioural finance, market dynamics, and investment decision-making.
The Nature of Capital
The nature of capital extends far beyond the simple idea of money. Capital represents stored productivity, future opportunity, accumulated knowledge, productive resources, and the capacity to create value through time. At MorMag, understanding capital is viewed as one of the foundational requirements for understanding investing itself.
The Topology of Capital Flows
The topology of capital flows provides a powerful framework for understanding modern financial markets. At MorMag, this systems-oriented perspective forms an important component of market analysis, complexity research, and portfolio construction.
Alpha Quality Frameworks
Alpha discovery is only the first step in the investment process. The more difficult challenge is determining whether apparent alpha represents genuine investment edge or merely historical coincidence. At MorMag, this perspective forms a central component of quantitative research and portfolio construction.
Long-Termism as a Competitive Advantage
Long-termism represents one of the most powerful competitive advantages available to investors because it exploits a scarcity that exists throughout modern financial markets: patience. At MorMag, long-termism is viewed not as a passive philosophy but as an active source of investment edge.

