Reflexivity
Soros's observation that prices are participants rather than scorekeepers: a rising stock cheapens a company's capital, fattens its collateral and attracts its talent, improving the fundamentals the price supposedly measures. The practical move is to ask not only whether the price is wrong but whether the price is changing the answer. Self-feeding trends are regimes to respect, not mispricings to fade early.
5 books · 2 people behind it · 4 resources
Start here
- Soros on SorosGeorge Soros, 1995
- The Alchemy of FinanceGeorge Soros, 1987
- An Engine, Not a CameraDonald MacKenzie, 2006
The people behind it 2
Each person holds a book in this entry or names it in their own tags.
Investors 1
Academics 1
Resources 4
- Who Is On the Other Side?Michael J. Mauboussin · paper · A framework for locating your actual source of edge.
- Easy MoneyHoward Marks · memo · What cheap capital does to discipline and returns.
- SpeculationMorgan Housel · essay · When price becomes its own justification.
- Feedback LoopsShane Parrish · essay · Balancing versus reinforcing loops, and how to tell.
