Index Signals
TL;DR
Index signals are physically impossible to fake because they're tied to structural reality. Vanguard's mutual ownership makes profiting from customers structurally impossible; Costco's 14% margin cap is mechanical, not promissory.
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Index signals are physically impossible to fake (e.g., body size, deep voice resulting from large larynx). They are the most reliable signals because they are tied to physical reality.
Business Application of Index Signals
The most credible organizational signals are those that cannot be faked - tied to physical or legal reality like Vanguard's expense ratios, audited financials, or ownership structures.