Monday, March 26, 2012


In life and in markets, "information" is not a bunch of fungible bits going to and fro. It is a decaying asset.

The most useful "information" is secrets. "News" has a different meaning in that context.

As Donald Rumsfeld said:

“The problem is that people think that news is something that is announced before it happens, as opposed to something that is reported when it does happen.”

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