The "Liquidity Premium" Theory
Illiquidity is a bug, not a feature.
Why is real estate 'safe'? Because you can't sell it in panic.
Why is Pre-IPO 'exclusive'? Because they can't price it in real-time.
PIPO brings price discovery to the dark forest.
We turn 'Guessing' into 'Trading'.
#MarketStructure #Alpha
From X
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