The Marginal Benefit of Adding More Markets Is Really Great

The Sharbury share increases like the square root of the number of markets you trade as evidence that the marginal benefit of adding another market is not very big. The truth is, with the 50 or 60 markets that you're talking about, there are very large correlations between them. There aren't really 50 or 60 independent markets in that group. They might be 8 to 10, depending on how exactly you calculate it. You can see it more straightforwardly if you just look at what happened in the last couple of years. Last year was great everywhere, but the year before that was okay for major markets. Look at the gigantic trends in the European gas markets and the European power markets. These are

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