the market’s efficiency is only upheld by there being people who check whether or not the market is efficient in a given area.
Put another way: An asset has a well-defined price only when the trading volume is sufficient.
Very cool insight, makes me connect the dots to startups’ “Zero to One” as being (meaningfully/non-trivially) about trading volume. (Haven’t read it, but just referring to the idea of the title)
Put another way: An asset has a well-defined price only when the trading volume is sufficient.
Very cool insight, makes me connect the dots to startups’ “Zero to One” as being (meaningfully/non-trivially) about trading volume. (Haven’t read it, but just referring to the idea of the title)