Markets do not usually fail because participants behave irrationally.They fail because many participants behave intelligently in the same way.When intelligence converges, resilience disappears and the system becomes vulnerable to its own sophistication. This essay explores how that convergence forms, why...
“The market does not explode from chaos. It cracks under calm.” This piece builds directly on the insights shared in When Markets Breathe: Efficiency, Compression, and the Geometry of Fragility, our earlier article inspired by Jean-Philippe Bouchaud’s 2025 paper on...
