Burt Malkiel Says There Are No Geniuses on Wall Street | The Businessweek Show

A Random Walk Down Wall Street author Burt Malkiel talks about whether genius exists on Wall Street, the need for greater innovation and why he'd rather be lucky than smart. Interview recorded Sept. 26, 2023.
#Business #WallStreet #Bloomberg
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[@Hanseatic7104]

Burt Malkiel and Jack Bogle have done society a huge service by demonstrating that market developments cannot be predicted in the short and medium term and that investments in broadly diversified index funds with low costs are the most successful investment strategy for the average citizen in the long term. If you don't want to invest but would rather gamble, there will always be meme stocks, day trading, knock-out certificates, etc. With a lot of excitement and the same result over and over again for centuries.

[@TrangLe-yb5sy]

What a contrast when Mr Malkiel sits and speaks in a calm manner while the host makes a lot of moves.

[@afihaileywibowo1095]

Without being condescending, 😂 he has..(I can't enumerate) of Prof.Malkiel's years of wisdom and experience. That great great great grandson perhaps is a typical young generations attitude. Agree it kinda mess with the interview.

[@genzinvesting8405]

“Chat GTP” - Legend

[@larrygerry985]

The genius is accepting that most of it is luck. The question is more if you can identify the opportunities

[@freeroamer9146]

Had the questions been more objective, so much more could have been gained!

[@Enigma_Vids]

If they played the game with ethics on their minds and humanity in their hearts they wouldn’t be nearly as profitable.

[@jimwatchyyc]

Best book ever on the markets!

[@theonlycaulfield]

Inaccurate clickbait title. He didn't say there were none, he said he didn't like using the label. Also, Malkiel's logic of not giving people credit for betting on crashes because other people did not bet against crashes made little sense.

[@Connor_JR]

To be charitable, I think the point he was making was that, on paper, there were people just as intellectually gifted who got it wrong. Were they geniuses too, until that point? Or was it just the unlucky side of the two faced coin?

[@Yotrek]

He’s right, a continually depreciating currency is a ponzi that necessitates the creation of complexity.

[@kiuk_kiks]

There’s genius in insider trading, Ponzi schemes and junk bonds 😂

[@far1762]

Nu cred ți se da dar în timp dai puțin puțin înapoi e normal te akyty

[@pluto8404]

lots of advanced probability theory came out of wall street.

[@MikaJarvi86]

Marty Schwartz and Stanley Druckenmiller are geniuses on Wall Street for example. Mr. Malkiel will never admit there are any geniuses, because that would contradict his book. But please go and ask any mathematician what are the statistical odds that you make +1000 trades every year, and consistently beat the market for 30 years?

[@cristianfamigliuolo]

A.I, Brought up again this time! 😂 Modern artificial intelligence is made on the basis of human neuronal processes so since there is no "genius" Al will never gain, and will never be better Of human functioning😂. The other story is can a man program the machine better than himself? The answer is no! And Embedded Labor exists.

[@rolandnelson6722]

“For every one of them there were others that lost money.” They aren’t geniuses because others are dumb. That’s some novel reasoning there.

[@inthedepthofsadness]

I can’t predict the future . Finance since the beginning was the business of solutions not predictions.

[@billie.]

Is wall street not majorly about prediction and projection.

[@ctrl-shift-run8681]

The true genius is privatizing profits and socializing costs. Too big to fail lol.

[@lorenzkraus6888]

Marketing genius, not financial genius. :)

[@oroebuck]

There are. It's identified by consistent and repeated extraordinary success that isn't the result of anyone's subjective decisions. Because, when it comes to repeated and consistent extraordinary success, there isn't that much luck in the world.

[@notheotherklaus]

Old news

[@natantataii8195]

Hahaha Mr. Malkiel answer to financial inequality was straight to gender and race. Burt is one of "them".

[@JOHNTITOR-kg9zj]

This old man simply doesnt know how to trade

[@knnmran]

if you don't like Bitcoin you have probably not spent enough time looking into it.

[@sanjana1399]

its not even real

[@knnmran]

​@@sanjana1399 well, it is digital so there is some truth to what you are saying.

[@Enigma_Vids]

@@sanjana1399no currency is “real”. But if the majority agrees it has value, then it has value.

[@mimi21746]

@@sanjana1399 So the Dollar is real, because you can see a paper of it ? The dollar is printed to existence, nothing tangible backs it, there is no limit to how much it's printed. I

[@sanjana1399]

@@mimi21746 yeah but its legal and regulated by the govt

[@JamesMEsler]

Misunderstanding by an old man