Reflexivity: what this star will be
Prices do not only reflect the fundamentals; they change them.
By Constellate · 9 September 2026 · the short form
Reflexivity is a star on the Constellate sky: placed by meaning, named, and connected to the stars around it. This is the short form of its post: the line it carries, the area we colour Systems, and what stands beside it today.
The line it carries on the sky: Prices do not only reflect the fundamentals; they change them.
What stands beside it
The stars nearest to it are Black Swan, Efficient Market Hypothesis, Feedback Loops and Keynesian Beauty Contest, and Feedback Loops is already open to walk. When Reflexivity opens, the conversation will land it among them, with a line drawn to each idea it touches.
Ask for this star
Every star is lit by demand. Ask for Reflexivity and it moves up the list; when it opens, this post becomes the full essay. The open stars beside it can be walked today, and the first concept of every course is free.