Zugzwang

Manabesh Kar, CFA
2 min readMar 5, 2023

Zugzwang, a term deeply ingrained in the annals of German history and popularized within the global chess community, is an exquisite concept that encapsulates a delicate balance. It refers to a state of equilibrium in a game where any move made by a player puts them at an immediate disadvantage, tipping the scales in favor of their opponent. The slightest misstep or miscalculation can have catastrophic consequences. This seemingly innocuous concept has found relevance in today’s financial markets, where investors are often forced to make difficult decisions, and the pressure to make a move could create a zugzwang-like situation.

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Manabesh Kar, CFA

Macro derivatives trader, ex Morgan Stanley , ex BNP options trader, crypto enthusiast | Views are personal , no investment advice