Katherine Mangu-Ward

There's no reason, though, because of those people who we do want to protect that you and I should be part of any of this system.

Like us participating in this system to somehow protect those people is not working.

Those people are not well protected and it's making us miserable.

And there are a bunch of people who identify as libertarians who would probably say that.

And you know what?

I welcome them.

They're welcome to use the word libertarian.

It's so true.

And that, like tattoo it on our foreheads, man.

And so is everything else.

So I think there's a couple of things.

Many, many years ago, Reason magazine did a cover story with Martha Stewart on it.

And the cover line was something like St.

Martha.

You know, she didn't do anything wrong.

And while Martha Stewart's story is complicated, the piece was basically a defense of insider trading.

So the I think the.

the kind of most entertaining or most colorful case I can give you is all markets have insiders.

They just have smarter and stupider insiders.

And in fact, that a market that incentivizes as many insiders as possible to contribute is the most accurate market.