"Traders are really in the communications business. They're constantly being given a task like this: here's one more incremental piece of information about the state of the world, now update the exchange rate between every pair of assets such that it best reflects this new information."

"Traders are really in the communications business. They're constantly being given a task like this: here's one more incremental piece of information about the state of the world, now update the exchange rate between every pair of assets such that it best reflects this new information."

https://www.thediff.co/archive/finance-as-a-scale-invariant-global-computer/