The one we need to ignore is the one who dispenses unsolicited investment advice to ordinary people as though they have the luxury of following it. “Get out of the stock market,” is a fine sentiment when you have a billion dollars with which to make any investments you’d like and no retirement to consider. It’s not so smart if you’ve got a million dollars and you need it to outpace inflation over 30 years so you can feed yourself. For the same reasons, Tony Robbins should STFU as should Donald Trump, btw – general business advice is fine but not screwing up people’s retirements.
But the good Mark Cuban shows up more frequently than the bad Mark Cuban does so we can live with that. And besides, sometimes Cuban nails an important topic in a way that almost no one else can. In that vein, I’d like you to check out the piece everyone’s buzzing about this weekend. This is the latest in an ongoing series in which Mark Cuban reminds Wall Street about what it’s purpose in society is meant to be. Because it’s hardly worth putting up with otherwise…
Wall Street doesn’t know what business it is in. Regulators don’t know what the business of Wall Street is. Investor/shareholders don’t know what business Wall Street is in.
The only people who know what business Wall Street is in are the high frequency and automated traders. They know what business Wall Street is in better than everyone else. To traders, whether day traders or high frequency or somewhere in between, Wall Street has nothing to do with creating capital for businesses, its original goal. Wall Street is a platform. It’s a platform to be exploited by every technological and intellectual means possible.