March 7, 2017

Blind Faith: Our Misplaced Trust in the Stock Market and by Edward Winslow

By Edward Winslow

- Over forty percentage of families personal a few type of universal stock

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Additional resources for Blind Faith: Our Misplaced Trust in the Stock Market and Smarter, Safer Ways to Invest

Example text

Entitled Extraordinary Popular Delusions and the Madness of Crowds, Mackay wrote, “Money, again, has been a cause of the delusions of the multitudes. Sober nations have all at once become desperate gamblers, and risked almost their existence upon the turn of a piece of paper. ”17 All of the idiosyncrasies of individual investors can be magnified, creating dramatic bubbles of intense speculative activity. This is not peculiar to this age. There have been many financial bubbles since the publication of Mackay’s book in 1841.

The behavioral power of human forces that compel people to do what they do will always triumph. If the basic force is optimism or greed, the markets will remain exuberant. 14 According to Shiller, human behavior is what drives prices, and you can throw the efficient-market theory out the window. The efficient-market theory asserts that financial prices 36 steer clear of stocks accurately reflect all public information at all times. In other words, stocks are correctly priced at all times. This theory is to the economics and the financial profession what the belief in God is to the Catholic Church: an article of faith.

In a company that has yet to offer its shares to the public, management and key employees will be granted options to buy the company’s stock for a specified time in the future at a specified price. The price may be at pennies per share, even though the future offering price to investors will most likely be much more. A company that has already gone public will usually grant options at a price that is closer to the current market price of the stock. Options don’t require any outlay of cash by the corporation.

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