"Impact scales through aggregation. Structure emerges from repetition." -Rich Brennan Brennan says this is how a market actually builds itself, starting with a single trade. On its own, one trade barely matters. Most get absorbed and cancel each other out. But when thousands of small trades start leaning the same way, buying attracts more buying. That's how a trend forms. Zoom in and it looks like noise. Zoom out and there's a structure that was there all along. Hedgeye CEO @KeithMcCullough says AI is now one of the biggest participants in the market. Its trades feed back like everyone else's. They aggregate, they repeat, and over time they build structure. Same with the dots below. Each one lands at random, and after 60,000 of them a triangle appears.