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'Enough' [capital] is doing a lot of work in that sentence. In the limit of a one-sided irrational market, the 'rational actor' would need to take the other si
by Majromax 6mo ago
'Enough' [capital] is doing a lot of work in that sentence. In the limit of a one-sided irrational market, the 'rational actor' would need to take the other side of every open transaction.
- cortesoft 6mo agoYeah, but in the limit of a one-sided irrational market, the rational actor is going to be given as much capital as he can take.
- eru 6mo agoIn the long run. In the short run, our rational actor will be constrained by the Kelly criterion, well and whatever outside funding she can raise.