Roger Farley, one of my former students at The Johns Hopkins University and a very experienced Chicago trader, recently started a newsletter inspired by German mathematician Carl Jacobi’s idea of approaching problems by beginning with the end in mind. As billionaire investor Charlie Munger once said, “[Jacobi] knew that it is in the nature of things that many hard problems are best solved when they are addressed backward.” The first issue of Roger’s newsletter, “Always Invert,” is linked below. Allow me to suggest you give it a read.