. @matt_levine on a very widespread moral intuition about the markets: bloomberg.com/view/articles/…
Amusingly, it is in many people's interest to sell unsophisticated investors on the notion that they're only a little work from outperforming sophisticated investors.
Amusingly, it is in many people's interest to sell unsophisticated investors on the notion that they're only a little work from outperforming sophisticated investors.
"Yep, ignore the fact that hedge funds very literally do automated satellite surveillance of WalMart shopping carts to estimate their earnings before the quarterlies come out. You, too, can watch CNBC and noodle your way to superior-to-market returns!"
s/shopping carts/parking lots/ ; sometimes the brain-finger connection doesn't work nearly as well as I wish it would.
(The part a few paragraphs after the bit I excerpted is one of the core, penetrating insights about the nature of markets and the economy that makes that newsletter the best thing in its field, incidentally. Come for the insight, stay for the comedy!)
