Intriguing attempt to model this! I wish I was more of a math nerd, but I got the general drift. I appreciate that your mind is able to attempt such a feat. As a bit of a Rhino, under your model, a bit more relational in my approach and less transactional, I feel like scale is one factor that deserves more note. At market wide scale, sure, we make all sorts of terrible bets, but up close and personal (relatively speaking) on a weekly basis, in small groups, I feel like you can Rhino your way through this, based on reputation, results. With increased scale, then yeah, you almost have to introduce some measured approach. But doesn't Fractally only happen at a small scale, and isn't that one of the major design features? Again, totally dig your attempt to quantify this. Off to read @jamesmart's response piece now.