Feedback in:
A big part of it is just people behind them. I came from fundamental side, I can tell you that the vast majority people on the fundamental side came from a liberal arts background (aka bullshit majors in college), and in liberal arts, the goal is to rationalize, articulate, justify etc. There’s no truth, there’s no first principle. If you want to become a scientist or engineer or doctor, you learn first principles first. But when it comes to markets, they teach narratives first and they don’t teach first principles. If you do teach first principles of making money in markets, which will inevitably lead to trend following in a quick order (i.e. trade with the trend because it is the basis of all profits, cut losers, ride winners, how you do it doesn’t really matter since there’s infinite ways or variation of the above). You mentioned how trend following works better or more resonated with people in Asia because lack of good financial accounting etc. So price is really the only thing people can trust, there’s some truth to it. So long story short, I think that’s the causal mechanism led to where we are.
Same on the political front/our government, USA political system is run by people with a law background, that’s why we have thousands of pages of junk for things like tax rate (I think it’s in the millions of pages now which is crazy). But the beauty of the market is like physics, there’s the objective truth and we all know what that is. At least there’s hope here because DOGE is showing them the first principle first hand.
David L.
Nice feedback!
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