North star / Where edge comes from
Every edge has a counterparty
We name who is on the other side, and why they are wrong.
A lasting edge comes from better information, better processing, someone who has to trade for reasons other than price, a behavior that persists, or a risk others will not carry. Every family of ideas we study states which one, and who pays.
A reward for carrying risk is called a reward for carrying risk. It is not skill.
Families that lean on this