• 1 Introduction
  • 1.1 A test of your intuition
  • 1.2 An illustrative example
  • 1.3 Notation
  • 2 Asset markets with stationary prices
  • 2.1 The model
  • 2.2 The growth rate
  • 2.3 Interpretation
  • 3 Fixed-mix strategies in stationary markets
  • 3.1 The model
  • 3.2 Currency markets
  • 3.3 The growth rate
  • 3.4 Price processes with trend
  • 4 Stock markets with stationary returns
  • 4.1 The model
  • 4.2 The growth rate
  • 4.3 Interpretation
  • 5 Myths and misconceptions
  • 5.1 Volatility pumping
  • 5.2 The importance of constancy
  • 5.3 Energy-interpretation of volatility
  • 5.4 A counter-example
  • 5.5 Growth under transaction costs
  • 6 Conclusion