Pioneered by composers like Philip Glass, minimalist music features repetition, simple patterns, and phase shifting — the movement of a repeating item to create an arresting effect.
But that itself is kind of a phase shift for markets, that we've really confirmed that the Fed doesn't need to have another 50 basis points or hell, 100 basis points tightening.
And then, critically, the size of that phase shift is bigger when that second order wave is larger, and then smaller when that second order wave is smaller.
We've got AI, it's made the phase shift from really challenging technology to go leverage to very easy technology to leverage, and it's being largely driven by compute.
And he's saying that post-traumatic stress kept a lot of people out of the market, despite all of our suspicion that this was an important phase shift.
But, if light reflects off of a surface that has a lower index of refraction than the medium it's passing through, there is no phase shift, and the wave then constructively interferes with itself.
It's not a perfect recording of the phase, but in this case the exposure is highly sensitive to phase shifts in a way that's not at all true for normal photography.