Image Credit: Alex Nabaum
By Jason Zweig | Jan. 22, 2021 1:52 pm ET
As anyone who’s ever raised — or been — a teenager knows, happy outcomes are rare when groups of people egg each other on in a risky activity.
Just look at financial markets now. An activity that people have historically pursued in isolation — buying and selling stocks and other assets — has become the hottest way to socialize.
Friends get together on Zoom to “live-trade” stocks just as they watch movies or TV together on Netflix or Amazon Prime. Trading websites’ leaderboards show the names and gains of the people making the most money. Brokerage apps display lists of the stocks their users are flocking to the most. At some online brokers, you can even “autocopy” other users, mechanically duplicating their trades….
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For further reading:
Benjamin Graham, The Intelligent Investor
Jason Zweig,The Devil’s Financial Dictionary
Jason Zweig, Your Money and Your Brain
Jason Zweig, The Little Book of Safe Money
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