Quote:
Originally Posted by dilanesp
In the short run, in any gambling market (including, by the way, the stock market), winning players are served by information asymmetries they can take advantage of.
In the long run, winning players are served by the perception that the market is not being gamed by people with inside information, because the perception of such gaming discourages losing players to play.
This is the fundamental contradiction at the heart of all gambling markets.
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All true.
Also...an "information asymmetry" isn't the same as an exploitative situation brought about by management incompetence. Because incompetence knows no bounds...even if I can exploit the erroneous timing of these races...I must live with the uneasy feeling that I too could, in turn, be exploited by someone else...in some other way.
