Sublime

Camera.” In finance, when people start to notice patterns in markets, they trade on them and can create a positive-feedback loop, exaggerating their effect. Bill Miller later reminded us that the practice of arbitrage in markets can do the opposite and create a dampening feedback loop.

publicly visible.

This is a “rich get richer” sort of model in which the more a word is used in the past, the more likely it is that it will attract more use in the future.

Second, those who hold return-seeking capital assets but who do not lever up are comparatively disadvantaged if their competitors do.

William of Occam, who held that ‘it is vain to do with more what can be done with less’.

Individual behavior leads to aggregate outcomes, and aggregate outcomes—the aggregate patterns in the economy—cause this individual behavior to adapt and change.

scaffolding.