L
Lyapunov horizon
The interval where twin capital paths become observationally non-equivalent — memory erased by compounding noise.
The shortest interval on which twin capital paths become observationally non-equivalent — not by magnitude of return, but because the filtration that could reconstruct one from the other has already been erased by compounding noise.
M
Measure that will not martingale
Tomorrow equals today only after every admissible revision of the world-model is priced by name.
A valuation under which tomorrow equals today only after every admissible revision of the world-model is priced — and which refuses the name “fair” until the last private signal is admitted or discarded by name.
N
Nullspace of narrative
Allocations orthogonal to every ex-post story. If the story explains it fully, it lived in marketing — not in N.
Allocations orthogonal to every ex-post story that would have justified them. If a position is fully explained by the story that arrives after settlement, it did not live in N; it lived in marketing.
O
Open residue
The uncovered set of choices over every “obvious” trade. O is why a complete model never finishes the allocation.
The continuous surjection from signal to mandate that still leaves an uncovered set of choices — the non-empty fiber over every “obvious” trade. O is why a complete model never finishes the allocation.
P
Path-measure persistence
Not Sharpe — the chance the rule itself survives a change of world without becoming continuous with ruin.
The probability that the same decision kernel, under a transported measure, yields a trajectory not absolutely continuous with ruin. Not Sharpe. The chance the rule itself survives the change of world.
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