Jamal Awil

← An Engine, Not a Camera

The market, "that invisible, mysterious adversary," had effectively infinite resources. [fact]

The market, "that invisible, mysterious adversary," had effectively infinite resources. Thus, even if "chances were strictly equal" those who indulged in frequent short-term speculation faced "an absolute certainty of ruin." Furthermore, brokers' commissions and other transaction costs meant that in practice the game was less than fair.

Donald MacKenzie, An Engine, Not a Camera, loc. 260