Before asking whether a market is attractive, it is worth asking how it is put together. Who participates. What each participant is obliged to do, and what they are merely inclined to do. Where the information originates and how long it takes to travel. Which constraints are laws, which are mandates, and which are habits nobody has revisited.
Structure explains most of what looks like mispricing. A forced seller is not making an error; a fund declining a position it understands perfectly is not being lazy. This topic takes markets apart to see which pressures are real, because a mechanism you can name is one you can check — and one you can tell apart from a story that merely fits.
