The data says markets are noisy, so I believe the most honest signal in finance isn't a price — it's a ratio. A price tells you where something ended today. A ratio tells you what the market has been deciding for decades.
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What Ratios Tell You That Prices Can't
A price is a fact about yesterday. A ratio is a fact about the relationship that persists. The Dow/Gold ratio, the gold/silver ratio — these are the sentences behind the numbers.
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