One lecture a week, and each one owns exactly one named mechanism by which money is lost.
Each week owns exactly one named way to lose money, and that name is the week’s whole job. If a paragraph would sit equally well in another week, it has been cut from both.
Six of the mechanisms you can commit deliberately, with no cooperation from the market: cost drag, concentration, return chasing, story, overfitting, loss aversion. These are the ones the assessments can ask you to evidence, because they are available to everyone in any market. The other five — leverage, illiquidity, correlation collapse, counterparty risk, and ruin itself — have to be handed to you, or in the case of leverage are refused to you by the bounded-loss policy. Those are taught and not assessed, and if a semester hands them to nobody, nobody’s mark changes.
Week 12 carries week 1’s mechanism and week 1’s slides, unchanged. That is the course closing its loop rather than a gap in the schedule.
Ruin
The course's opening claim, which you will not believe today — that a bet worth taking, taken repeatedly, ends at zero.
Cost drag
The only loss on this syllabus that is guaranteed — what you paid to open a position, before the market had an opinion about it.
Concentration
Go and read the first answer you gave in week 1. You have already made this week's decision, and this lecture is one multiplication.
Return chasing
The week you act on evidence, and the week you find out what your evidence was. The counterfactual column starts today and it is not optional.
Leverage
The one failure mode this course refuses to let you buy with real money, and the arithmetic that explains the refusal.
Illiquidity
Every number you have computed for four weeks assumed a door that always opens. This is the week the course tells you it does not.
Story
Read the second answer you gave in week 1. This week turns the price you paid into a claim, and asks whether you can check it.
Correlation collapse
What your diversification was worth, to the dollar — and why adding more positions does not change the number.
Overfitting
You will find a rule that would have avoided every loss you have had. This week counts how hard you looked, using week 1's arithmetic.
Loss aversion
The week the evidence against you is in your own handwriting, with dates on it — and the arithmetic of why waiting does not work.
Counterparty risk
The week where the market is fine, your judgement was fine, and the money is gone anyway — because you were diversified in the wrong dimension.
Ruin
The same lecture as week 1 — the same slides, the same two numbers — given to a room that now has a ledger.