Kindle Notes & Highlights
His single bravest act was Regulation FD, which required corporations to release any significant information about themselves to everyone at once, rather than through the Wall Street analysts. The effect of this of course was to further empower traders like Jonathan Lebed, who could now be fairly certain that there wasn’t some piece of information in the hands of the pros that they didn’t know about.
Don’t
Any chance Michael Lewis doesn't try to permeate his own ideas into what otherwise would be a fantastic book?
Once the law became a business it was on its way to becoming a commodity. Reduce the law to the sum of its information and, by implication, anyone can supply it.
putatively
Rules are established to create order and maintain profits for incumbents. Examples of rules are: social mores, professional licenses, government regulation, locked-up distribution channels. Cheaper technology suddenly allows for the bypassing of the rules. Incumbents are fat and dumb and happy with current monopolistic profits and their general situation, so they bad-mouth any new stuff which threatens their incumbency or profits, or both. Fringe players emerge to use this ever cheaper technology to simply ignore the rules. Fringe companies attract venture capital since there are great
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Reminiscent of Cryptos, anyone?
The means of consumption, not the means of production, are the engine of modern economic life.
Briliant
ephemeral.
