Ep7 "Can Investors Effect Social Change?"
All Else Equal: Making Better Decisions
00:00
Stocks Are Highly Substituteable
In the data, it turns out stocks are highly substitutable. And for that reason, you do not see much of a price change when a section of consumers decide not to hold some stocks. In order to see a large price trage, you have to have an enormous amount of consumers so that the remaining consumers who hold them are such a small fraction of the economy that they then demand a big price change.
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