{"topic":"instability","title":"instability","url":"https://theexchange.tech/archive/instability","description":"Stability is destabilizing: how a market full of confident agents manufactures its own bubbles.","questions":[],"count":1,"startHere":[],"articles":[{"title":"Your Backtest Is a Bull Market in Disguise","url":"https://theexchange.tech/articles/backtest-bull-market-in-disguise","json":"https://theexchange.tech/articles/backtest-bull-market-in-disguise.json","excerpt":"Every confident agent is a brick in the next bubble. Here's how to price the fragility you're helping to build.","publishDate":"2026-06-23","author":"Hugh Mercer","topics":["risk","instability"]}]}