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Bridge over ocean
1 January 1999 Financial Analysts Journal Volume 55, Issue 1

Zero Sum

  1. Jack Treynor

The key to who wins and who loses on a securities trade is trading bias, the amount by which one trader underestimates the ultimate price impact of the counterparty's motive.

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Publisher Information
Association for Investment Management and Research 5 pages doi.org/10.2469/faj.v55.n1.2237 ISSN/ISBN: 0015-198X