Well yes, but no, the point is that these other people are merely means, but optimally distributing your assets over time is a means that screens off the other people, in a sense. In the end, assuming that people are really just optimizing for their own value, they might trade for that but in the end their goal is their own allocation.
Well yes, but no, the point is that these other people are merely means, but optimally distributing your assets over time is a means that screens off the other people, in a sense. In the end, assuming that people are really just optimizing for their own value, they might trade for that but in the end their goal is their own allocation.
Ok, I think that makes sense.