The game of markets

Financial markets are information exchanges.

Information leads, Capital follows.

Media, the carrier of signals, is a third game player in the mix.

It’s a complicated and at times disorienting game, where players may assume each other’s roles.

There is asymmetry involved, sometimes general but often episodic.

Players may form isolated clusters, abandon these in groups or individually, or even coexist in many simultaneously.

These clusters may be linked with varying strength and distance, and sometimes not at all (though such instances may be deceptive).

Players may react to one another, directly, indirectly, or, rarely, not.

Because three players are involved, the moves are unpredictable, and relationships are fluid and dynamic.

The world in which this game is played changes its size, shape, and dimensions, according to the multitudes of links and clusters.

There are no limits, but there are strict rules, as in particle physics…

or any multi-player game.

CNBC
Bloomberg
WSJ