As he sees it, the “short-term crowd” responds constantly to “false stimuli,” whether it’s the latest economic data point or the trivial news that a company has beaten analysts’ expectations. “You need to be wired not to believe the bullshit, to not be listening.” One practical way of extricating themselves from this muck was to discard all of the sell-side research excreted by Wall Street. “We put it in a pile,” says Zakaria.
