James Surowiecki
speaker
55 appearances
2 recordings
1 series
first heard Jan 2013
last heard Jan 2013
James Surowiecki’s voice in public audio — every appearance, attributed to the second.
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Appearances
The more people do this, the more incentive there is for people to do it.
Because if everyone is trading in this way, in theory, it starts to seem like, well, this is the way to make money or alternatively to lose money if you're not paying attention.
And so I do think you get that kind of mirror chamber effect.
And I think that that does have a big impact.
Yeah.
I thought the end of the fable was maybe a slight exaggeration in the sense that, well, I guess it sort of depends on what you think the ox is.
Because if the ox is corporations, the stock market, at least, is supposed to be doing is gauging and assessing the value of corporations.
You'd be a little hard-pressed to argue that corporations are in bad shape these days.
I mean, there are certainly problems with them, and you could argue that they're excessively focused on the short term, perhaps, and the like.
But certainly in terms of their bottom-line performance, which in theory is what the stock market is supposed to be evaluating—
their bottom-line performance has been pretty good.
So there is an argument to be made, and I think there's something to it, that the manic quality of stock market trading these days, or let's say financial market trading generally, is not a good thing for corporate America or corporate Europe in the sense that it encourages CEOs to spend too much time worrying about what investors think and the like.
And I think there's something to that.
On the other hand, I also think that if you actually look at the concrete performance of these companies today,
they're doing a reasonably good job of what they're supposed to be doing.
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