There’s a ghost story finance tells itself at bedtime:The market is always right.Price is truth. Spread is gospel. Volatility is the universe speaking.Soothing, tidy, and just wrong enough to be dangerous.Here’s the colder reality:The market is a near-perfect machine for pricing within whatever structure it’s handed.And that structure? Engineered, gamed and monetized by the people who wrote it.The market isn’t wrong. It’s operating inside systems that are.Price Discovery Is a Polite FictionIn...

There’s a ghost story finance tells itself at bedtime:The market is always right.Price is truth. Spread is gospel. Volatility is the universe speaking.Soothing, tidy, and just wrong enough to be dangerous.Here’s the colder reality:The market is a near-perfect machine for pricing within whatever structure it’s handed.And that structure? Engineered, gamed and monetized by the people who wrote it.The market isn’t wrong. It’s operating inside systems that are.Price Discovery Is a Polite FictionIn...