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Exploring the difference between a wise crowd of independent thinkers and a dangerous crowd that shares information. Highlighting the financial success of Ken Griffin in the meme stock craze. Discussing Wall Street's profitability and cautioning against blindly following the wisdom of crowds. Previewing topics of consumer spending, bond yields, stock prices, utilities, diversification, and mystery charts. Fashion choices, live podcast announcement, and sponsor recommendation. Stock market performance, bottoming process, and the impact of rising interest rates. Market outlook, September weakness, and historical fourth quarter performance. The underperformance and negative sentiment surrounding utilities stocks. The viral meeting involving Lindy Ocarino, Twitter's debt, and European stock outperformance. Podcast updates, wealth management advertisement, and a podcast recommendation.
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Quick takeaways
- Online crowds turning into like-minded mobs can create dangerous situations in meme stock trading and other areas on the internet.
- The real winners in the meme stock craze are hedge funds and market makers who profited immensely.
Deep dives
Why the Wisdom of Crowds Doesn't Apply to Meme Stock Craze
The podcast discusses why the wisdom of crowds does not apply to the meme stock craze. While many believe that the large number of meme traders should lead to wise pricing of stocks, it doesn't work that way. The speaker explains that the wisdom of crowds is based on the crowd members being independent of each other. When they start sharing information and coming to a shared conclusion, it can create a dangerous mob mentality. This phenomenon is seen in meme stock trading, politics, and other areas on the internet where independent thinkers turn into a like-minded mob.
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