Strategy isn’t arbitrage. What happened in finance? Everyone confused arbitrage with strategy. But arbitrage is simply about capturing value at the expense of counterparties: no new value is created by arbitrageurs. At the limit, arbitrage devolves to a negative sum game: I will actively poison your opportunities, and you will poison mine, if we are trying to arb one another. Strategy must be concerned with value creation in the first place. Great read via http://bit.ly/2a1eZq (via kortina)
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