Dynamic portfolio choice under causal/conditional separation decomposes into a projected myopic fund plus a first-order hedge of the rotating common-driver manifold, with geometry jumps Kunita–Watanabe-orthogonal to continuous trades.
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Dynamic Causal Portfolio Choice: Hedging the Rotation of the Common-Driver Manifold
Dynamic portfolio choice under causal/conditional separation decomposes into a projected myopic fund plus a first-order hedge of the rotating common-driver manifold, with geometry jumps Kunita–Watanabe-orthogonal to continuous trades.