A price in the field of finance, like a pitch in the field music and particle in the field of physics, is constituted by a spectral rhythm.

Spectral rhythms are notably different from metrical rhythms.

• In the field of music, timbre is what we note of the spectral rhythm that underlies a pitch. Unlike metrical rhythms, which can be abstracted from the musical instruments that articulate them, timbres are inseparable from the musical instruments that articulate them: different kinds of violin, of trumpet, and of piano will each have different timbres, even when they play at the same pitch.

  • In music, to know the timbre that underlies the “fundamental” pitch is to know (i) the frequency spectrum of the pitch that is articulated by a given musical instrument and (ii) the spectral envelope of the different frequencies that compose the aforementioned spectrum.

• In the field of physics, force is what we note of the spectral rhythm that underlies a particle. Akin to timbres, forces are inseparable from the physical instruments that articulate them: this is what Karen Barad gestures towards with her notion that the experimental physicist “meets the universe halfway” when designing experimental instruments. 

  • In physics, to know the force that underlies the “fundamental” particle is to know (i) the frequency spectrum of the particle that is articulated by a given physical instrument and (ii) the spectral envelope of the different frequencies that compose the aforementioned spectrum.

• Similarly, in the field of finance, value is what we note of the spectral rhythm that underlies a price. Akin to timbres and forces, values are inseparable from their financial instruments that articulate them: different kinds of cash, of credits, of currencies, and of commodities will each have different values, even when they are traded at the same price.

  • In finance, to know the value that underlies the “fundamental” price is to know (i) the frequency spectrum of a price that is articulated by a given financial instrument and (ii) the spectral envelope of the different frequencies that compose the aforementioned spectrum.

As in the fields of music and physics, there are “missing fundamentals” in the field of finance. 

• In psychoacoustics an intonation is said to have a “missing fundamental” when its frequency spectrum underlying a fundamental pitch does not actually contain the fundamental pitch but, rather, implies the fundamental pitch. The “missing fundamental” of psychoacoustics is the pitch that is perceived but that cannot be said to exist independently of its perception.

• In quantum field theory, there are “fundamental” particles that can “go missing” in the same manner that a fundamental pitch can go missing. Indeed, the phenomena of “quantum tunneling” finds an ordinary particle “sail[ing] through the barrier around the nucleus [...] existing—in particle terms—then ceasing to exist, then instantly existing again on the other side.” The “missing fundamental” of quantum field theory is the particle that is observed but that cannot be said to exist independently of its observation.

• The “missing fundamental” in finance is the price that is transacted but that cannot be said to exist independently apart from its transaction. Rational financial analysts and investors believe they can count (on) the fundamentals and are baffled by fundamentals that go missing. Sensible financial analysts and investors know better and know how to leverage missing fundamentals.

The spectrum underlying a fundamental (i.e., an particle, a pitch, or price) can either be represented as a single complex waveform (i.e., as a superposition) or as a combination of waveforms (i.e., as a combination of dispositions).

• In the accompanying visual example, a spectrum is represented as one complex waveform, and this one complex waveform is equated with a combination of simpler waveforms. The problem with the accompanying visual example is, of course, that the complex waveform need not necessarily be composed of simpler waveforms. 

  • To compose a complex waveform from a combination of simpler constant waveforms, each with periods progressing arithmetically, as in the visual example pictured here, is to compose a complex waveform from regular specimens that are amongst the waveforms included in the spectrum that the complex waveform represents.

  • To compose a complex waveform from a combination of simpler varying waveforms is to compose a complex waveform from probable aberrations that are amongst waveforms included in the spectrum that the complex waveform represents.

  • To compose a complex waveform from a combination of complex varying waveforms is to compose a complex waveform from improbable aberrations that are amongst the waveforms included in the spectrum that the complex waveform represents.

Administration in the field of finance “rules out” or excludes some combinations of regular specimens, probable aberrations, and improbable aberrations from a spectrum and, concomitantly, “rules in” or includes other combinations. In this way, administration in the field of finance rules, standardizes, normalizes, and/or optimizes the ways in which we can pay different prices with different financial instruments.

• Prior to administration, a spectrum represented by a complex waveform will include each and every possible combination of reguar specimens, probable aberrations, and improbable aberrations that could be superposed in order to generate the complex waveform.

• Ruling administration in the field of finance “rules out” some combinations of regular specimens, probable aberrations, and improbable aberrations, and, concomitantly, “rules in” other combinations. Ruling administration in the field of finance establishes accounting rules.

• Standardizing administration in the field of finance “rules out” any and all combinations that feature probable aberrations and improbable aberrations in any way whatsoever, and, concomitantly, “rules in” combinations that exclusively feature regular specimens. Standardizing administration in the field of finance establishes accounting standards.

• Normalizing administration in the field of finance “rules out” those combinations that feature improbable aberrations and those combinations that feature probable aberrations that deviate from regular specimens beyond a “normal” measure in any direction, and, concomitantly, “rules in” those combinations that feature probable aberrations that do not deviate from regular specimens beyond a “normal” measure in any direction. Normalizing administration in the field of finance normalizes accounting practices.

• Optimizing administration in the field of finance “rules out” those combinations that feature improbable aberrations and those that feature probable aberrations that deviate from regular specimens a “suboptimal”/“worse than normal” direction and, concomitantly, “rules in” those combinations that feature  probable aberrations that deviate from regular specimens in an “optimal”/“better than normal” direction. Optimizing administration in the field of finance optimizes accounting practices.

To judge a financial performance on the basis of its creativity is to judge a financial performance on the basis of whether and how it defies administration.

• A financial performance is to be celebrated for its vitality when it defies administration by including im-probable aberrations that administration would exclude.

• A financial performance is to be criticized for its banality when it defies administration by including probable aberrations that administration would have exclude.

• A financial performance is to be criticized for its fatality when it is well administered, when it doesn’t defy administration.