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It occurred to me that people who work in active investment have a lot in common that they can talk about should they meet. Whichever instruments and markets they trade, interdependencies are such that they have to be aware of each other's domain because the events that come to pass tend to affect them all in different ways. Investment money shifts around from one kind of instrument to another, some markets are used to hedge against movements in others, futures become the present, etc. Perhaps there is a ready-made wellspring of discussion topics for those in finance, even more so than, say, for insurance agents in being able to talk about how things were after a big storm.

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Mark T. B. Carroll

December 2025

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