In 1965, Gordon Moore noticed something unusual about computing. The number of components that could fit onto an integrated circuit had been roughly doubling each year. He projected that the trend could continue for another decade, reaching about 65,000 components per chip by 1975. The interesting part wasn’t simply exponential growth. It was the feedback around it. More components could reduce the cost per function. Lower costs could expand the market. A larger market could justify further investment. Further investment could push the technology forward. The system wasn’t simply improving. Improvement was helping create the conditions for more improvement. Markets can develop similar feedback loops. An opportunity attracts capital. Capital changes the environment around that opportunity. The environment changes the opportunity itself. So sometimes an edge doesn’t disappear because it stops working. It disappears because its success changes the conditions that made it work. #Trading# #QuantTrading# #Technology# #SystemsThinking#