By “losses to speculation”, I meant the amount you have to pay the speculator that doesn’t make it through to projects. On reflection, I don’t think this is a problem at all: You have no way of just paying the project. If you did, you’re saying you know a way of always beating the impact market, and that your home-team impact investors would always make perfect investments.
They wouldn’t.
The amount you lose to the market is simply the inescapable cost of the market’s insight.
By “losses to speculation”, I meant the amount you have to pay the speculator that doesn’t make it through to projects. On reflection, I don’t think this is a problem at all: You have no way of just paying the project. If you did, you’re saying you know a way of always beating the impact market, and that your home-team impact investors would always make perfect investments.
They wouldn’t.
The amount you lose to the market is simply the inescapable cost of the market’s insight.