Herfel og Rangen Research

Research Notes

Selected essays and working papers on liquidity, valuation, model risk, market structure, and financial infrastructure.

Research Notes, No. 2

Irregular Cargo
The translation gap between the real economy and modern capital-market infrastructure

Author: Julius H. Herfel                                                Date: 1 June 2026

Research Notes, No. 1

The Two Volatilities
A framework for separating economic volatility from valuation uncertainty

Author: Julius H. Herfel                                                Date: 6 May 2026

Herfel og Rangen Ltd, company number 17073656

Herfel og Rangen Ltd is not authorised or regulated by the Financial Conduct Authority. Nothing on this website constitutes investment advice, an offer or invitation to buy or sell any security, or a financial promotion within the meaning of section 21 of the Financial Services and Markets Act 2000. Research is published for professional investors and institutional practitioners and is not intended for retail distribution in any jurisdiction.

Information icon

We need your consent to load the translations

We use a third-party service to translate the website content that may collect data about your activity. Please review the details in the privacy policy and accept the service to view the translations.