Research

Jo Landells

Founder, Kernwell Systems

2 published studies

Market Structure2 min
Reading balance and imbalance in overnight inventory
Overnight inventory constrains what an open can plausibly do. It is a lens, not an indicator, and the difference matters more than the concept.
Jo Landells · 2026-08-29
Strategy Development2 min
Why most backtests are measuring their own assumptions
Look-ahead, survivorship and selection compound quietly, and none of them announce themselves in the equity curve. A worked example of an edge disappearing under bookkeeping.
Jo Landells · 2026-08-29