Decoder with Nilay Patel Recode Decode: Long-Term Stock Exchange founder Eric Ries (Live at Code 2019)
Jul 5, 2019
Eric Ries, founder of the Long-Term Stock Exchange and author of "The Lean Startup," engages in a thought-provoking conversation with Ezra Klein from Vox. They explore the recent SEC approval of the LTSE and its mission to reshape public markets towards long-term sustainability. Ries discusses the cultural shift needed to prioritize long-term value over short-term gains, the role of corporate accountability, and how companies can better engage with all stakeholders. They also delve into the potential penalties for short-term investors and the future of innovation in a more patient investment climate.
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Stock Exchange Power
- Stock exchanges don't just facilitate trading; they wield regulatory power.
- They shape rules governing companies and influence how we live.
Public Exclusion from Growth
- Declining public companies and rising private equity leave the public out of growth.
- This shift contrasts with the older model where retirement savings fueled growth.
Baggage Attendant vs. Policymakers
- A baggage attendant understood short-termism's impact, while policymakers questioned it.
- This highlights a disconnect between those experiencing the problem and those in power.
