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1<!DOCTYPE html><html lang="en"><head><meta charSet="utf-8" data-next-head=""/><meta charSet="UTF-8"/><meta name="viewport" content="width=device-width, initial-scale=1" data-next-head=""/><title data-next-head="">The Asymmetry Premium » Writing by Will Haering</title><meta name="description" content="When analysis costs nothing, investing edge shifts to what models can&#x27;t parse, and the work of generating returns becomes more pure." data-next-head=""/><link rel="canonical" href="https://wch.io/writing/the-asymmetry-premium" data-next-head=""/><meta property="og:type" content="article" data-next-head=""/><meta property="og:title" content="The Asymmetry Premium" data-next-head=""/><meta property="og:description" content="When analysis costs nothing, investing edge shifts to what models can&#x27;t parse, and the work of generating returns becomes more pure." data-next-head=""/><meta property="og:url" content="https://wch.io/writing/the-asymmetry-premium" data-next-head=""/><meta property="og:image" content="https://aigvrvqqytsirxlyfzkf.supabase.co/storage/v1/object/public/portfolio-posts/the-asymmetry-premium.jpg" data-next-head=""/><meta property="article:published_time" content="2026-06-06T23:58:50.487+00:00" data-next-head=""/><link rel="alternate" type="text/markdown" href="/writing/the-asymmetry-premium.md" title="Markdown version of this essay" data-next-head=""/><meta property="og:site_name" content="Will Haering"/><meta property="og:locale" content="en_US"/><meta name="author" content="Will Haering"/><link rel="alternate" type="application/rss+xml" title="Will Haering — Writing (RSS)" href="/feed.xml"/><link rel="agent" href="/for-agents"/><link rel="alternate" type="application/json" href="/api/for-agents"/><link rel="agent-repl" href="/for-agents/repl"/><link rel="service-desc" type="application/yaml" href="/openapi.yaml"/><link rel="alternate" type="application/json" href="/for-agents.json"/><meta name="keywords" content="Will Haering, William Haering, William C. Haering"/><meta name="robots" content="index, follow"/><meta name="googlebot" content="index, follow"/><meta name="revisit-after" content="14 days"/><meta http-equiv="cleartype" content="on"/><meta name="theme-color" content="#000000"/><meta http-equiv="X-UA-Compatible" content="ie=edge"/><link rel="shortcut icon" type="image/x-icon" href="/favicon.ico"/><link rel="preconnect" href="https://fonts.googleapis.com"/><link rel="preconnect" href="https://fonts.gstatic.com" crossorigin="anonymous"/><link rel="preload" href="/_next/static/chunks/2trybqcypqego.css" as="style"/><link rel="preload" href="/_next/static/chunks/119jv3t46brj-.css" as="style"/>
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10</head><body><link rel="preload" as="image" imageSrcSet="/_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=640&amp;q=95 640w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=750&amp;q=95 750w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=828&amp;q=95 828w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=1080&amp;q=95 1080w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=1200&amp;q=95 1200w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=1920&amp;q=95 1920w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=2048&amp;q=95 2048w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=3840&amp;q=95 3840w" imageSizes="100vw"/><div id="__next"><main class="style-module__12MOMa__newsfeed style-module__12MOMa__dark"><nav class="style-module__O0eOca__navbar style-module__O0eOca__dark"><div style="display:flex;justify-content:center"><div class="style-module__O0eOca__inner"><div class="style-module__O0eOca__logo"><span class="style-module__O0eOca__logoText"><a href="/">Will Haering</a></span><div class="d-none d-md-inline"><span class="style-module__O0eOca__separator">/</span><a class="style-module__O0eOca__active">Writing</a></div></div><div class="style-module__O0eOca__desktopOnly"><div class="style-module__O0eOca__links"><ul><li><a class="" href="/">Home</a></li><li><a class="" href="/about">About</a></li><li><a class="style-module__O0eOca__active" href="/writing">Writing</a></li></ul></div></div><div class="style-module__O0eOca__mobileOnly"><div class="style-module__4aPbba__container" style="height:60px"><button class="style-module__4aPbba__hamburger" aria-label="Toggle mobile navigation"><span class="style-module__4aPbba__bar"></span><span class="style-module__4aPbba__bar"></span><span class="style-module__4aPbba__bar"></span></button><div class="style-module__4aPbba__drawer " style="right:-160px"><nav><ul class="style-module__4aPbba__navList"><li><a class="" href="/">Home</a></li><li><a class="" href="/about">About</a></li><li><a class="style-module__4aPbba__active" href="/writing">Writing</a></li></ul></nav></div></div></div></div></div></nav><div class="style-module__12MOMa__content"><div class="container"><div class="col-xs-12 col-sm-12 col-md-10 col-lg-10 col-md-offset-1 col-lg-offset-1"><div class="style-module__12MOMa__posts"><article class="style-module__2Cyjqa__post"><div class="style-module__2Cyjqa__wrapper style-module__2Cyjqa__expanded"><header><div class="style-module__2Cyjqa__meta"><time class="style-module__2Cyjqa__publishedAt" dateTime="2026-06-06">Saturday, June 6th 2026</time></div><h2>The Asymmetry Premium</h2><p class="style-module__2Cyjqa__description">When analysis costs nothing, investing edge shifts to what models can&#x27;t parse, and the work of generating returns becomes more pure.</p></header><div class="style-module__2Cyjqa__coverImage" style="aspect-ratio:800 / 400"><div class="style-module__2Cyjqa__imageContainer style-module__2Cyjqa__loading"><img alt="Protect the forest too!" width="800" height="400" decoding="async" data-nimg="1" class="style-module__2Cyjqa__postImage" style="color:transparent;max-width:100%;height:auto;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url(&quot;data:image/svg+xml;charset=utf-8,%3Csvg xmlns=&#x27;http://www.w3.org/2000/svg&#x27; viewBox=&#x27;0 0 800 400&#x27;%3E%3Cfilter id=&#x27;b&#x27; color-interpolation-filters=&#x27;
10sRGB&#x27;%3E%3CfeGaussianBlur stdDeviation=&#x27;20&#x27;/%3E%3CfeColorMatrix values=&#x27;1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1&#x27; result=&#x27;s&#x27;/%3E%3CfeFlood x=&#x27;0&#x27; y=&#x27;0&#x27; width=&#x27;100%25&#x27; height=&#x27;100%25&#x27;/%3E%3CfeComposite operator=&#x27;out&#x27; in=&#x27;s&#x27;/%3E%3CfeComposite in2=&#x27;SourceGraphic&#x27;/%3E%3CfeGaussianBlur stdDeviation=&#x27;20&#x27;/%3E%3C/filter%3E%3Cimage width=&#x27;100%25&#x27; height=&#x27;100%25&#x27; x=&#x27;0&#x27; y=&#x27;0&#x27; preserveAspectRatio=&#x27;none&#x27; style=&#x27;filter: url(%23b);&#x27; href=&#x27;data:image/jpeg;base64,/9j/4AAQSkZJRgABAQAAAQABAAD/2wBDAAYEBQYFBAYGBQYHBwYIChAKCgkJChQODwwQFxQYGBcUFhYaHSUfGhsjHBYWICwgIyYnKSopGR8tMC0oMCUoKSj/2wBDAQcHBwoIChMKChMoGhYaKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCj/wAARCAAIAAoDASIAAhEBAxEB/8QAFQABAQAAAAAAAAAAAAAAAAAAAAv/xAAhEAACAQMDBQAAAAAAAAAAAAABAgMABAUGIWGRkqGx0f/EABUBAQEAAAAAAAAAAAAAAAAAAAMF/8QAGhEAAgIDAAAAAAAAAAAAAAAAAAECEgMRkf/aAAwDAQACEQMRAD8AltJagyeH0AthI5xdrLcNM91BF5pX2HaH9bcfaSXWGaRmknyJckliyjqTzSlT54b6bk+h0R//2Q==&#x27;/%3E%3C/svg%3E&quot;)" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=640&amp;q=95 640w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=750&amp;q=95 750w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=828&amp;q=95 828w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=1080&amp;q=95 1080w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=1200&amp;q=95 1200w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=1920&amp;q=95 1920w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=2048&amp;q=95 2048w, /_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=3840&amp;q=95 3840w" src="/_next/image?url=https%3A%2F%2Faigvrvqqytsirxlyfzkf.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fportfolio-posts%2Fthe-asymmetry-premium.jpg&amp;w=3840&amp;q=95"/><div class="style-module__2Cyjqa__loadingOverlay"></div></div><div class="style-module__2Cyjqa__captionBanner">Protect the forest too!</div></div><div class="style-module__2Cyjqa__sections"><div class="style-module__2Cyjqa__text style-module__2Cyjqa__block"><p>A recent paper, <em>Investing Is Compression</em> (Stiffelman), makes a clean mathematical case for a deceptively simple claim: investing is a compression problem. Compression here is not crunching data into a few picks; it is getting your estimate of the odds closer to the truth than the market. That gap is the entire source of return: you make money only by disagreeing with the market and being right. The machine cannot do that part for you. What it can now do, for almost nothing, is everything around it. With a good prompt and the right context, a language model can ingest and synthesize more data than any team of analysts ever could. Point coordinated agents at a bounded universe of 2000 stocks and they weigh every scrap of data on every single name with extraordinary efficiency and nuance.</p>
11<p>That displaces much of the moat in sophisticated investing and relocates it toward the top of the information funnel. A language model is a brilliant analyst and solver, not a source. Give it a thesis and a set of facts and it can identify the best portfolio far faster and at least as precisely as any human. But it cannot hand you a better view of the world, tell you something only a few people know, or sense when a human relationship matters more than the market realizes. Sophisticated analysis is what&#x27;s being rapidly commoditized by AI; the judgment of where to aim is not, yet. It exposes that the analysis was never the real edge, only the cost of entry. Now, the price of entry to sophisticated investing has collapsed to four hours on a weekend and $1600 of tokens.</p>
12<p>What survives is the information going in and the worldview that reads 
12it. Information edge comes in two flavors. One is clever synthesis of public data into a non-obvious understanding, the mosaic most fundamental funds live on, and that is exactly what models now do for free. The other is proprietary data, known before the market prices it, that no model can produce. AI commoditizes the first and leaves the second untouched, so the bar rises: deriving decisions from data better than others is no longer enough; returns will increasingly require privileged information about today, or a view of the world that is both different and right. Some understanding accrues only from being there, from years inside an industry and the rooms where decisions get made; it lives in neurons, not text, so it never reaches a model&#x27;s weights. The cheaper raw intelligence gets, the more returns rely on asymmetric information and lived experience.</p>
13<p>This is why the wave of AI-driven funds will be more paradoxical than it first appears. When everyone runs the same models over the same data, their outputs converge, and any answer a whole market reaches at once is consensus, already priced. Different mandates, horizons, and risk tolerances will still pull prices apart, but any view commoditized models derive decays in value almost as soon as it exists. Today&#x27;s LLMs are not erasing investing edge; they are rapidly relocating it. Strip away the analytical labor that used to separate professionals from everyone else, and what remains is the oldest thing in the business: knowing something true before the market does, whether a fact about today, a view of tomorrow, or an intuition that cannot be modeled. The commoditization of intelligence will reveal who actually knows where the ball is going, and who was only ever good at producing analysis.</p></div></div></div></article></div></div></div></div><footer class="style-module__h84EOq__footer"><div class="style-module__h84EOq__footerContent"><p class="style-module__h84EOq__copyright"><a href="/">© <!-- -->2026<!-- -->  —  <!-- -->Will Haering</a></p><div class="style-module__h84EOq__controls"><div class="style-module__nUfRbG__languagePicker"><select id="lang" class="style-module__nUfRbG__languageSelect" aria-label="Select language"><option value="en" selected="">🇺🇸<!-- -->  <!-- -->EN</option><option value="es">🇪🇸<!-- -->  <!-- -->ES</option><option value="ja">🇯🇵<!-- -->  <!-- -->JP</option></select></div></div></div><div class="style-module__h84EOq__underline style-module__h84EOq__blue"></div><div class="style-module__h84EOq__agents"><a href="/for-agents" rel="agent" title="Info &amp; APIs for AI agents">For Agents</a>  ·  <a href="/feed.xml" title="Full-content RSS feed of all essays">RSS</a></div></footer></main><!--$--><!--/$--><!--$--><!--/$--></div>
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