The Past Is No Guide:
- Matthew Krumholz
- 07 November 2025
VICA Partners | Op-Ed The Past Is No Guide: Why Financial Markets Have Outgrown Santayana’s Warning (Excerpted and adapted for
The Market That Trades Itself
- Matthew Krumholz
- 02 November 2025
Liquidity Holds — AI Amplifies — Credit Decides. Markets are steady, but conviction is thinning. Liquidity keeps valuations elevated —
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The Market Is Now Its Own Signal
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The Past Is No Guide: Why Financial Markets Have Outgrown Santayana’s Warning
VICA Partners | Op-Ed The Past Is No Guide: Why
The Market That Trades Itself
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The Persistence Premium
VMSI™ Institutional Market Intelligence Report — FORCE-12.2 Institutional Edition Week
Supply and demand is the primary factor driving the price of stocks. Other factors, such as major financial news, natural disasters, investor reaction to company financials, or pricing speculation, can cause large price fluctuations.
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The Market Is Now Its Own Signal
Liquidity Compresses — AI Sustains — Credit Defines. Markets remain

The Past Is No Guide: Why Financial Markets Have Outgrown Santayana’s Warning
VICA Partners | Op-Ed The Past Is No Guide: Why

The Market That Trades Itself
Liquidity Holds — AI Amplifies — Credit Decides. Markets are

The Persistence Premium
VMSI™ Institutional Market Intelligence Report — FORCE-12.2 Institutional Edition Week



