People pay too little attention to something I would call “Asset Weight” (heaviness or lightness of an asset). The idea behind Asset Weight is essentially: “How much money does it take to move things in one direction or another? How heavy or light is the asset relative to flows.” When you understand Asset Weight, especially in relation to a few other factors, you understand the chess board much better. You understand risk better. You understand your own ability to participate in and shape things better. You understand asymmetry better. Asset Weight on its own doesn’t mean much. You need to marry it with Asset Level Belief (holders + duration), Memetics (spread of belief), and Flows (an offset to weight). These are the essentially the core ingredients of the game theory of markets. This is not subjective. They can all be quantified and experienced. SPX6900