We’ll probably never know for sure, but if Forrest Gump had been a trader, as opposed to – I dunno – a runner, soldier, ping-pong player, or shrimp boat captain, he’d probably have said “Wall Street is like a poker game.”
What I mean is, in the markets, people and institutions deploy the poker face. They’re never quite up front about what it is they’re doing, for fear of giving up that all-important first mover advantage. It’s why we have things like dark pools of liquidity, so money can make big moves off the “official”....More>>>