Between P and Q
Asset pricing, crypto tape, and builder consequences. A research podcast with Patrick Kiefer and Michael Nowotny.
P is the world you live in. Q is the world you price in. We work the space between.
Conversations where quantitative asset pricing meets the people building crypto and fintech markets — factor construction, pricing, hedging and risk, market microstructure, mechanism design. DeFi in depth, from first principles.
Between P and Q is research commentary and personal opinion, produced for informational and educational purposes only. Nothing here is investment, legal, accounting, or tax advice, an offer or solicitation to buy or sell any asset, or a recommendation of any strategy. Views are our own and not those of any firm either of us is affiliated with. We may hold positions in assets or protocols discussed. Digital assets are volatile and can lose their entire value; past performance does not predict future results. Do your own research and consult a qualified adviser before acting on anything you hear or read here.