January 24, 2025 (NO COMMENTS)

What do housing price changes and heat hold in common? Both tend to spread across space and time in a similar manner, according to new research from Jean-Philippe Bouchaud, head of $10 billion quantitative hedge fund Capital Fund Management (CFM).

The links with hedge fund investing might seem tenuous. But Bouchaud says the research offers valuable lessons about how markets truly function that should interest anyone active in finance.

“CFM is not directly in housing prices at all, but I think the