Filtered dossier

Market Signals

Expensive gestures that exist only to carry information.

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    Market Signals Entry #0418

    The reason hiring speed reveals more than headcount

    A headcount reports a decision already taken and possibly regretted. The rate of change reports what the firm believes about the next few quarters.

    Novice
    The hidden part #0418

    Headcount records what a firm already decided. Hiring rate records what it currently believes, and only one of the two is published.

    Open file
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    Market Signals Entry #0417

    Why open-sourcing a product is a competitive act

    Giving away one layer of a stack lowers what anyone can charge for it. That is useful precisely when your revenue sits on a different layer.

    Adept
    The hidden part #0417

    Deciding which layer to give away is deciding which layer nobody can charge for. Firms commoditise next to their own margin, not away from it.

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    Market Signals Entry #1116

    The reason a hidden order matters more than size

    A hidden order book can signal real demand without advertising size, which is why traders read the queue itself, not just the headline quote.

    Novice
    The hidden part #1116

    In a market, what is hidden can matter as much as what is posted. The visible quote is often only a negotiated fragment of intent.

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