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When Rules Repeat: The Fixed Point Ladder
Markets as Reflexive Fixed Points
Markets are more than noisy aggregators of information: beliefs about prices help determine prices, which makes reflexivity a fixed-point problem with fat tails, non-ergodicity, and hysteresis.
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When Rules Repeat: The Fixed Point Ladder
Power Laws, Extremistan, and Non-Ergodicity
Scale invariance becomes power laws; power laws move importance to extremes; extremes make averages unstable through time.