The Causal Stack of Markets

Prediction explains markets.

Execution interacts with markets.

Authorship changes markets.

Authorship = Variance Collapse (Causal Layer)

Price as a function of time-bound execution, not expectation.

Authorship is defined by:

• specific timestamps

• specific price levels

• immediate acceptance or rejection

• no drawdown tolerance

This is not forecasting the future.

This is