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REDDIT

At what point does an information edge stop being an edge?

Every prediction market trader is looking for information the market hasn't fully priced in.

But where do you draw the line?

Is an edge:

* The first person to see the news?
* The first to interpret it correctly?
* The first to understand its second-order effects?
* Or simply having the conviction to act before everyone else?

Curious how experienced traders think about this.