Markets are all about anticipation.

· Bits and Bobs 4/13/26
  • Markets are all about anticipation.
    • That's because markets are all about the margins.
    • When there's a difference between the anticipation and what is, that surprise moves markets.
    • If you see a prescriptive narrative, position with it.
      • The people pushing the narrative will likely force the world to adopt it at least somewhat.
    • If you see an anticipatory narrative, position against it.
      • At some point the wave will break.