Alex Rajcoomar portfolio

Section 01 / 03

Research and writing

26 pieces where the argument is the point. Every one of them started because I did not believe a claim, or could not find two jurisdictions held apart properly, and the fastest way to find out was to build the thing. 268,124 words, none of them assigned. The order is mine; the figures are the build's.

The independent shelf

The statement, filtered to the work nobody assigned. Each row carries the piece's own declared rule, verbatim from the record, and the figures lifted from four of them.

26 of 69
  1. 01

    Flagged in Hindsight

    Five Canadian frauds, put back through the forensic screen ex ante

    An interactive bench rebuilds each score from the filed figures and lets the reader drag the cut-off to watch sensitivity buy false positives.

    EssayOrigin / Independent22 minAugust 2026Forensic accountingBeneish M-ScoreCAS 240Securities enforcementCitation chords / 2Metadata verified by build

    5,00846
  2. 02

    Crucible Cockpit

    Adversarial claim auditing: decompose, attack, grade what survives

    The backtest run replays a question whose answer is now known with evidence locked at the cutoff, and returns UNDETERMINED: the leak test the live runs stand on.

    EssayOrigin / IndependentAugust 2026Adversarial auditFalsifiabilityForecastingEvidence tiersCitation chords / 10Metadata verified by build

    61202
  3. 03

    Crucible Run 0: the Bank of Canada backtest

    Evidence locked at January 2023; the engine says what was knowable

    No declared rule on file.

    ReferenceOrigin / Independent81 minAugust 2026Bank of CanadaBacktestMonetary policyAdversarial auditCitation chords / 6Metadata verified by build

    18,59700
  4. 04

    Crucible Run B: the maturity-wall thesis

    The 2026 coupon step-up claim, audited and refuted

    No declared rule on file.

    ReferenceOrigin / Independent262 minAugust 2026Corporate creditBond marketsAdversarial auditCanadaCitation chords / 6Metadata verified by build

    60,15300
  5. 05

    Crucible Run C: the goodwill-impairment thesis

    The too-little-too-late critique, audited against TSX issuers

    No declared rule on file.

    ReferenceOrigin / Independent231 minAugust 2026Goodwill impairmentIFRSTSXAdversarial auditCitation chords / 6Metadata verified by build

    53,06600
  6. 06

    Epistemic Quality Directive

    The evidentiary standard distilled from the claim-audit engine, in four modes

    No declared rule on file.

    ReferenceOrigin / Independent11 minSeptember 2026Claim auditingEvidence registersFalsifiersCitation chords / 1Metadata verified by build

    2,54900
  7. 07

    The Brittle Network

    A pre-registered protocol on the Late Bronze Age collapse

    Colour is used as a register throughout: each evidence stream (metals, network, textual, failure) carries its own colour, and nothing else does.

    ReferenceOrigin / Independent40 minAugust 2026Pre-registrationNetwork analysisBronze AgeBayesian methodsCitation chords / 1Metadata verified by build

    9,237416
  8. 08

    The Price of Divergence

    A pre-registered protocol on ESG-rating disagreement and portfolios

    No declared rule on file.

    ReferenceOrigin / Independent52 minAugust 2026Pre-registrationESGPortfolio constructionEconometricsCitation chords / 1Metadata verified by build

    11,9644924
  9. 09

    Morphogenesis

    A laboratory of emergent pattern, computed live

    Pattern that nobody draws: every stripe, spiral and flock is computed from local rules as you watch.

    ToolOrigin / IndependentSeptember 2026InteractiveVisualSimulationCitation chords / 0Metadata verified by build

    48400
  10. 10

    IFRS 15 Judgment Trainer

    Sixty-two revenue scenarios, every answer anchored to the Handbook

    The bank distinguishes what the standard settles from what it leaves to judgment, and scores only the former: a trainer that scores nothing teaches nothing, and one that scores judgment calls teaches something false.

    ToolOrigin / IndependentAugust 2026IFRS 15RevenueCPA HandbookCitation chords / 2Metadata verified by build

    3,94601
  11. 11

    IFRS 15 Item Bank: Verification and Backfill

    The verification memo behind the trainer

    No declared rule on file.

    ReferenceOrigin / Independent13 minAugust 2026IFRS 15ProvenanceMethod auditCitation chords / 1Metadata verified by build

    2,98603
  12. 12

    The Five Shall Paragraphs

    Materiality and sampling under the CAS, requirements separated from habit

    No declared rule on file.

    ReferenceOrigin / Independent83 minAugust 2026CASMaterialityAudit samplingCitation chords / 0Metadata verified by build

    19,112013
  13. 13

    Zakaria's Putin, Audited

    A 2022 documentary, claim by claim, against the 2026 record

    No declared rule on file.

    EssayOrigin / Independent18 minAugust 2026Claim auditSourcesJudgmentCitation chords / 0Metadata verified by build

    4,14500
  14. 14

    Predictive History

    The map, and the method that audits it

    The instrument reports the result that undermines its own headline: panel-to-author agreement is 78 per cent, which is 22 per cent divergence against a 20 per cent withdrawal threshold the project set for itself before it knew the answer. The finding is published in its narrow form rather than its strong one, and 4 of 9 adversarial mutations are documented as still uncaught.

    EssayOrigin / Independent42 minAugust 2026AdjudicationProvenanceMethod auditCitation chords / 1Metadata verified by build

    0% 25% 50% 75% 100% Test B 1 rater, no record, no rubric 53% 32–73 · n=19 Control arm 2 raters, record, no rubric 92% 85–97 · n=80 Panel 3 raters, record, rubric 96% 90–99 · n=80 Three conditions differ in more than the rubric. Only rows two and three hold the record constant. Rubric effect, record held constant: +4 points, and the intervals overlap.

    An interval that overlaps is not a difference

    Predictive History

    The obvious reading is that writing a verdict rubric lifted agreement from 53 per cent to 96. It did not. Only the second and third rows hold the record constant, and between those two the rubric is worth four points with the intervals overlapping. The other forty-three points are the record and the number of raters, which is a different claim entirely.

    a condition that keeps a written record

    The numbers this figure draws

    0% · 25% · 50% · 75% · 100% · 1 rater, no record, no rubric · 53% · 32–73 · n=19 · 2 raters, record, no rubric · 92% · 85–97 · n=80 · 3 raters, record, rubric · 96% · 90–99 · n=80 · Rubric effect, record held constant: +4 points, and the intervals overlap.

    Open the piece
    9,6211114
  15. 15

    Predictive History: the withdrawn first edition

    Kept uncorrected, with the divergence computed rather than described

    A project about the distance between confident presentation and the record, showing its own. Nothing below the banner is corrected, and both columns of the comparison are computed at build time, the left by parsing this frozen file and the right from the current ledger.

    ReferenceOrigin / Independent51 minAugust 2026SupersededVersion historyProvenanceCitation chords / 1Metadata verified by build

    11,6971719
  16. 16

    The Trillion-Dollar Vintage

    A study edition of the AI capital-cycle adjudication

    The largest essay here (Crucible Run B is the largest piece on the site), and the one that shows the method at full size. Two rival readings of the same capital cycle are carried side by side to the end rather than averaged into one, and the page corrects its own arithmetic in public where a later attribution changed the base.

    EssayOrigin / Independent81 minAugust 2026Study editionCapital cyclesProvenanceCitation chords / 0Metadata verified by build

    The open diamond marks the mid-anchor the analysis refuses to interpolate.ANCHOR A · realised, from a filerweight 0.40ANCHOR B · constructed, from market pricesweight 0.60 · designated base case$8.99 M revenue per active megawattannualised mean of 9.25 / 8.73 / 8.99 across three quarters,from CoreWeave’s filings [F]÷$50 M all-in build cost per megawattno filer discloses an all-in cost per MW anywhere in theevidence base [S]=18.0% gross revenue yield per year$39.9 M all-in cost per megawatta $3.0 M GB200 NVL72 rack [S] drawing 132 kW gives$22.7 M of accelerator per MW, over the 57% weight [I]÷inverted: revenue over cost$16.7 M revenue per megawatt per year$3.50 per GPU-hour [S] rented around the clock,8,760 hours a year [I]=41.9% gross revenue yield per year0%10%20%30%40%gross revenue yield, annual per cent of installed capitalA · 18.0%B · 41.9%refusedno instrument took it2.3× apart

    The fork is never closed

    The Trillion-Dollar Vintage

    Two ways of pricing the same vintage, 2.3 times apart, carried side by side to the end rather than averaged. The refused marker between them is the point: no instrument measured that value, so nothing is drawn there.

    Anchor A, realised, from a filerAnchor B, constructed, from market prices

    The numbers this figure draws

    weight 0.40 · weight 0.60 · designated base case · $8.99 M revenue per active megawatt · annualised mean of 9.25 / 8.73 / 8.99 across three quarters, · $50 M all-in build cost per megawatt · 18.0% gross revenue yield per year · $39.9 M all-in cost per megawatt · a $3.0 M GB200 NVL72 rack [S] drawing 132 kW gives · $22.7 M of accelerator per MW, over the 57% weight [I] · $16.7 M revenue per megawatt per year · $3.50 per GPU-hour [S] rented around the clock, · 8,760 hours a year [I] · 41.9% gross revenue yield per year · 0% · 10% · 20% · 30% · 40% · A · 18.0% · B · 41.9% · 2.3× apart

    Open the piece
    The open segment is modelled, not disclosed.band $931 to $1,232 bnOriginal basis$1,082 bnband $822 to $1,159 bnAmazon-adjusted$990 bn−$92 bn, −8.5%: the D-1 defect, found in the analysis’s own evidence pack.Effect on the verdict: failure share 75.6% to 75.7%, probability unchanged at 0.743.Constructionin progress$303 to $433 bn28–40% of VSolid: Alphabet $122.8 bn and Oracle $40.0 bn, the only two firms that disclose it. Open: modelled, not measured.02505007501,0001,250US$ billions of incurred capital, 2023 to mid-2026DC REIT / landlordHyperscalers ex-OracleOracleNeocloudsOwner classes run light to dark by unlevered hurdle, 8.13% to 16.97%.

    Figure lifted from the piece. One vintage on two bases: 1,082 billion dollars as first reported, 990 billion after an attribution correction the page makes in public. The fork stays open.

    The numbers this figure draws

    band $931 to $1,232 bn · $1,082 bn · band $822 to $1,159 bn · $990 bn · −$92 bn, −8.5%: the D-1 defect, found in the analysis’s own evidence pack. · Effect on the verdict: failure share 75.6% to 75.7%, probability unchanged at 0.743. · $303 to $433 bn · 28–40% of V · Solid: Alphabet $122.8 bn and Oracle $40.0 bn, the only two firms that disclose it. Open: modelled, not measured. · 0 · 250 · 500 · 750 · 1,000 · 1,250 · US$ billions of incurred capital, 2023 to mid-2026 · Owner classes run light to dark by unlevered hurdle, 8.13% to 16.97%.

    18,6101615
  17. 17

    Whose Losses Count

    Corporate ethics and the micro/macro foundations of strategy

    An accounting question asked as an ethics question. Colour means one thing on every figure: blue is inside the accounting boundary and priced, red is outside it. A result that is not distinguishable from zero is drawn as an open outline at full size rather than shrunk to nothing.

    EssayOrigin / Independent30 minAugust 2026Audited finalEthicsBoundaryCitation chords / 0Metadata verified by build

    The vertical rule is the accounting boundary; solid marks are what the number counts.Each row is one literature. The line is the accounting boundary, and where it sits is the value judgement.INSIDE THE NUMBEROUTSIDE ITMARKUPSCOGS onlySG&A: advertising,sales, brandPRODUCTIONmarginal private costexternal damages,0.8–5.6× value addedCARBONmonetised atUSD 190 a tonnenot monetised at allTARIFFSthe statutory payerthe economic bearer:~90% US firms and consumersPAYOUTgross payout, 91%equity issuance netted out,50%STANDINGshareholdersany person with an interestin the public benefitREPUTATIONcounterparties, 7.5×strangers, +0.24%,not significantSame question, seven vocabularies: who is inside the number?

    Blue is inside the number, red is outside

    Whose Losses Count

    Seven literatures making the same boundary decision, drawn on one vertical rule. Whatever falls to the right of it is real and appears on no ledger. Open outlines are results not distinguishable from zero, drawn at full size rather than shrunk away.

    inside the numberoutside it, on no ledger

    The numbers this figure draws

    0.8–5.6× value added · USD 190 a tonne · ~90% US firms and consumers · gross payout, 91% · 50% · counterparties, 7.5× · strangers, +0.24%,

    Open the piece
    6,96027
  18. 18

    Not Significant

    An essay on the accounting of harm

    The whole essay turns on a negative result, and reports it as one. Solid marks are quantities that reach someone's books; open outlines at full size are quantities that are real and appear on no invoice.

    EssayOrigin / Independent27 minAugust 2026EssayExternalityNegative resultCitation chords / 0Metadata verified by build

    Two panels comparing market response to second-party and third-party corporate wrongs Left panel: for each dollar of value inflated by misrepresentation, the firm loses 36 cents to legal and regulatory penalties and 2 dollars 71 cents to reputational loss, totalling 3 dollars 7 cents, a reputational penalty 7.53 times the legal one. Right panel: the abnormal share price reaction to a third-party wrong is plus 0.24 percent, statistically indistinguishable from zero, shown against a scale reaching 3 percent. Second-party wrong Misrepresentation · loss per $1 of value inflated $0 $1 $2 $3 $0.36 legal $2.71 reputational Reputation takes 7.53× what law and regulators take Third-party wrong Abnormal share-price reaction 0% 1% 2% 3% +0.24% not significant The market was told a firm injured a stranger, and heard nothing.

    Solid reaches a ledger, open does not

    Not Significant

    Deceive an investor and the market takes 7.53 times what the law does. Injure a stranger who does not trade with you and the share price moves 0.24 per cent, which is not significant. The essay is built on that gap.

    counted: a loss that reaches a ledgerpriced by the market, on no ledgerharm that reaches no ledger and no price

    The numbers this figure draws

    Misrepresentation · loss per $1 of value inflated · $0 · $1 · $2 · $3 · $0.36 · $2.71 · 7.53× · 0% · 1% · 2% · 3% · +0.24%

    Open the piece
    6,319101
  19. 19

    Global Spending and Wealth

    Scale, structure, concentration

    A unit declared once and held for the whole document, so quantities stay comparable by eye across every figure. Two sources that disagree are shown side by side instead of averaged.

    EssayOrigin / Independent28 minAugust 2026Data essayMacroProvenanceCitation chords / 0Metadata verified by build

    6,521137
  20. 20

    Does chronic caffeine spend your heartbeat budget faster?

    A question taken seriously

    A claim I did not believe, checked properly, and reported at the strength the evidence actually supports.

    EssayOrigin / Independent6 minAugust 2026Data essayEvidenceCitation chords / 0Metadata verified by build

    1,43455
  21. 21

    Exam Day Final Load

    The last hour

    A method piece: the rule for what gets cut, written down before the pressure arrives.

    ReferenceOrigin / IndependentAugust 2026MethodStudy designCitation chords / 0Metadata verified by build

    47670
  22. 22

    Daily Learning Cockpit

    Prediction log, spaced rotation, calibration

    Turns the research on durable learning into something with a button on it.

    ToolOrigin / IndependentAugust 2026InstallableLearning scienceCalibrationCitation chords / 0Metadata verified by build

    25100
  23. 23

    The Delayed Test

    Learning, judgment, and seeing clearly

    Every claim carries the evidence grade its source file gave it, unaltered. Where a source marked a figure second-hand or contested, that flag travels with the figure into this page rather than being quietly dropped.

    EssayOrigin / Independent23 minAugust 2026SynthesisLearning scienceJudgmentCitation chords / 0Metadata verified by build

    5,37700
  24. 24

    The Calibrated Mind

    Operating principles for being right on purpose

    No declared rule on file.

    ReferenceOrigin / Independent8 minAugust 2026EpistemicsMental modelsCitation chords / 0Metadata verified by build

    1,87606
  25. 25

    US and Canada Legal Architecture

    One page, two systems

    No declared rule on file.

    ReferenceOrigin / Independent6 minAugust 2026Comparative lawCanadaCitation chords / 0Metadata verified by build

    1,34203
  26. 26

    The tax base nobody discloses

    A Dollarama valuation built on capital cost allowance

    Two things are tested rather than asserted. The reconstructed tax base is run forward over a year it was not fitted to and asked to reproduce the current tax expense the issuer disclosed, and it lands 5.5 per cent short, which the page reports as a miss rather than tuning an input to close it. The beta is regressed from five years of weekly returns instead of assumed, correcting an earlier draft that had asserted a figure outside the interval the data supports. The valuation range is two anchors with no midpoint, because the disclosure that would justify a midpoint does not exist.

    ReferenceOrigin / Independent25 minSeptember 2026ValuationCCASEDAR+Citation chords / 0Metadata verified by build

    5,78154
  27. Independent, 26 pieces
    268,124143146
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