Wednesday, December 7, 2016

Desperately seeking alpha

A definition of Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund's alpha.

Basically the probability  surface becomes uniformly conditional on the central banks, but central banks are uniformly restricted by one yuge member bank, the government. Eventually all the money piles up in excess reserves while every waits for G to have an outcome.  The total probability surface collapses, we crash..  

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