Cory Doctorow on Nostr: But rich people and other "sophisticated investors" (like pension fund investment ...
But rich people and other "sophisticated investors" (like pension fund investment managers) are no smarter than the rest of us. They are herd animals. When they see other rich people piling into some scheme or asset class, they rush to join them, which makes the asset price go up, which makes them think they're smart (until the inevitable rug-pull). When one plute jumps off the Empire State Building, the rest of them jump, too.
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Published at
2024-08-08 14:49:16Event JSON
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