The Jolly Contrarian’s Glossary
The snippy guide to financial services lingo.™
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The medium, not the message.

Substrate: (n): An underlying substance or layer. The material on or from which an organism lives, grows, or obtains its nourishment.

Once upon a time the distinction between information and the substrate on which that information was conveyed was not apparent. The information in a letter, book, or newspaper was indistinguishable from the paper on which it was printed.