The success of the investment strategy depends on whether the information content of the decision process is sufficient relative to the costs of executing the strategy, including trading costs. Thus, the keystone of the buy-side trader’s choice of trading  trategy is the urgency of the trade (the importance of certainty of execution). Is the decision based on slow changes in fundamental value, valuable new information, or the need to increase cash balances? Will the value of completing the trade disappear or dissipate if it is not completed quickly?