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On Baseball and Capital Markets

Baseball is a game of rules. These rules are not excessively complex for the simple reason that overregulation and overspecification would hamper the enjoyment of the game. How so?

Consider the placement of the defensive players. Other than the pitcher and catcher, who must stand at particular locations while a pitch is delivered, the other seven players need only stand in fair territory out of reach of the batter. The seven players could stand in a straight line in dead center field. They could form a circle and hold hands behind the pitcher's mound. They could lie down, kneel, sit, turn backwards, or even jump around in a circle. The rules dictate no precise location.

Fans know that ...

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