Welcome to The Narranomist, an irreverent narrative economic note from James McKeough.

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James McKeough has been a research analyst of public and private companies since 1993 at First Marathon Securities, Deans Knight Capital Management, HSBC Asset Management, and Onward Capital until focusing in 2010 on macro behavioral research at Pavilion Global Markets.

In 2017, he started a Masters in Cognitive and Decision Science at University College London, completing a thesis project on the impact of uncertainty in financial language on investment decision-making. This research is the foundation of applied narrative economics, which defines and quantifies repetitive linguistic patterns as predictive signals in financial markets.

Born and raised in Canada, Mr. McKeough holds a BA in Political Science from the University of British Columbia. He is a Commodity Trading Advisor and a Certified Management Accountant.

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January 14, 2025
Mike

Do You Want to Sound Smart or Make Money?

That’s so crass, isn’t it? Sorry, it’s meant to shock. It’s a twist on the classic trading axe (not axiom) ...
January 14, 2025
Mike

Keep learning*

*is always the sign-off on these notes, and I should explain why. If we trained our NLP pattern recognition algorithms ...
January 14, 2025
Mike

The Narranomist Narrative

Welcome aboard, and thank you for reading this introduction to The Narranomist. I’m a portfolio manager and founding partner of ...

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Keep learning*

*is always the sign-off on these notes, and I should explain why.

If we trained our NLP pattern recognition algorithms on business biography books, the expression ‘’I learned from my mistakes’’ would show up a lot. Words to that effect are usually said by already successful people.

I guess it just sounds better than “I screwed up sometimes but still crushed it.’’


I just kept learning.

That seems deeper and more real. I learn from someone who says that genuinely. As an undergraduate student, I was skiing and beer unmotivated. I’m like Churchill, I told myself (modestly), I love to learn but hate being taught.


I learned how to learn later in life. 

Yes, it was probably after I got my career teeth kicked in a few times. But I realized that emphasizing negatives was searing in emotional rules and stifling my decision-making.

So I keep asking myself:

  • What can I learn that prepares me for constant uncertainty? Great starting point.
  •  What can I unlearn? Equally important.

Keep learning when things are going well. Because that won’t last, you’ll soon need a reminder with an extra shot, as in, keep bloody learning.


Learning is cumulative if you want it to be. 

Fluid intelligence – the ability to learn new new things – is a neurological blessing wasted on youth. Crystallized intelligence—the ability to recall and recalibrate knowledge already there—is the ultimate seniors prize for showing up every day and being committed to learning.

I’m not losing that.

Keep learning,

McQ

* I thought about referring to this axe (not axiom) as Rip’s Rule, but I didn’t want to share credit with fictional ranch boss Rip Wheeler in the series Yellowstone. From season 4, episode 4:

There’s two roads in life. One is you’re winning or learning. The other is you’re losing. All the way to the f*cking grave.

What he said.