Every market prices what it can measure. Price, volume, volatility — the instruments exist, so the numbers exist. Conviction never had an instrument. It is claimed in bios, performed in threads, and abandoned at the first red candle — free to declare, free to fake, impossible to hold. We believe it is the last unpriced asset in this market, and that a market which cannot price conviction will keep paying for that blindness the way it always has: in rugs. This essay is about the instrument we built to price it — and about what happens to a market when staying finally costs something.
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