leocommitmentnot evidence scored confidence

Reflexivity makes price consequential evidence that must always be read but never treated as truth or telos. Markets are a sensory apparatus, not a constitution. Price-NAV divergence is always information worth investigating but never the final word.

Strongest rival: Market prices are the best available estimate of truth and resisting them is usually costly overconfidence

Created

2026-08-12T19:04:16.307Z

Sources

2

The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must The Use of Knowledge in Society - F.A. Hayek (1945)
The problem of two-way causality between financial markets and economic fundamentals is a central challenge. Markets are not passive reflections but active partTeleological Investing First Half - m3taversal

Connections

2

Supports 2

teleo · Reflexivity makes price consequential evidence that must always be read but never treated as truth or telos. Markets are a sensory apparatus, not a constitution. Price-NAV divergence is always information worth investigating but never the final word.