Financial Nihilism!
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Demetri Kofinas came up with the term Financial Nihilism in 2019, describing it as a philosophy that treats the objects of speculation as though they are all intrinsically worthless.
Financial nihilism according to Demetri represents an ideological standpoint that questions the value and legitimacy of financial systems, markets, and even the concept of money itself. It doesn’t involve a simple disregard for fundamental reality but a contempt for all fundamentals. The point of view is that the entire system is a scam, and you should thus only view financial markets and prices as a casino.
The rise of meme stocks like GameStop and cryptocurrencies are symptoms of this point of view, where pumping financial products in a zero-sum game has become a style of investing for many of millennials who view it as a way to get rich in an essentially meaningless world.
John Authers argued in Bloomberg that, the latest bout of speculation, and especially the extraordinary excitement at GameStop, unlike prior bubbles has a different emotional driver: anger.
In today's video Patrick explores what got us here and how might this idea affect society.
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That's cuz you hide comments about KEN GRIFFIN YOU BITCH!
Don't you think your critic is mostly valid for neurotypical individuals and us, neurodivergents, are exempt of these poser narcissistic obsessions?
Patrick, I am a longtime viewer of yours, I am one of these investors you talk about, lumping us into nihilists all in one video is disappointing, I expect better from you. There is so much I could say but I feel like you won't listen. what is actually a big problem is that the established system is run with rampant corruption and everyone is nihilist against it, there is no will to fight against it, the SEC in fact has come out as said that they are underfunded and fear immediately being sued if they stand up to wall street corruption. This is your most embarrassing video. No one is paying attention Patrick, everyone is Nihilist if not corrupt.
@@skit555 I think influencers and pundits are either paid or grifting. If you pay attention, have a memory, or do any type of due diligence you know everyone talking about it is lying to you.
One minor critique, the Wachowski twins have come out as trans women, and as such should be referred to as the Whachowski Sisters.
An interesting departure from your usual rap-based content.
Word.
I was waiting for the lettuce price index
This video was great but I’m really hopeful the channel gets back to its roots in rap content.
Fo shizzle.
I hate it. I'm going to unsub if he keeps snubbing the original fans.
"We come from nothing, we go back to nothing. What have we lost? $20 billion" - Bill Hwang
lol
Balling with bill
Fkin based
Physicists: When discussing coming from nothing and going back to nothing, the great mystery of life is the matter-antimatter assymetry in the universe. When matter is created from nothing, known process involve the creation of matter and antimatter, but we don't have much antimatter in our viscinity... In finance there might be some money-antimoney pair production and pair annihilation as well.
Economist: It's called leverage.
The legend that is the whale... Bill Hwang.
Financial nihilism is mostly an outgrowth from being told when growing up to get good grades in college, work hard, and save your money, then ending up saddled with 50k student loans, an offshored labor market, and a continually debasing currency. I’m not one of these nihilists but I 100% understand why they feel this way.
Finished my masters degree in 2008 after being basically unable to find a job with my two bachelors degrees. Then spent 6 years at a company before I got my first raise. I can totally agree that employ-ability, wages, savings, home ownership, etc are completely divorced from education and hard work. I'm not a meme stock buyer but I definitely feel that a significant amount of what wall street and corporate entities do should be illegal. It's strange that so much of media spends time quoting philosophical perspectives about economics, government, and culture focused on doing morally right things instead of convenient or profitable things. Any yet, I see no one in power within economics circles, government, or corporate leadership that would do the right thing instead of the profitable thing. If meme stocks could save the world it would be a small price to pay, but like the philosophy quoted, the joke goes over the heads of people who should take it seriously.
Dont forget, a deadly collusion between big business and big govt, robbing the cradle with debt fuelled "wellfare" and nimby-laws exploding housing prices
@@dynath1 Employability is definitely not divorced from education and hard work... Education does not have to be formal, and hard work doesn't have to be only in a narrow field, that's where people make the mistake. "Just go to college and you'll land a good job" has never been true, it's just that now, in the global world and competition that comes with it, it's much easier to notice how BS is that statement. Invest in a skill/knowledge needed by the market, learn how to sell yourself, and never stop learning and you will ALWAYS have a decent job...
@@dynath1I graduated with my bachelor's in 2008, and then proceeded to pay the debt working warehouse and factory jobs I could have gotten without it. Alongside hoards of people my age with the same story--we had a running joke at the grocery store I worked at, "how many college degrees does it take to do X?"
what i dont get is the doubling down on the system that put us in this predicament...
That’s what GameStop gets for giving me like $6 for two dozen PS2 games in 2003.
FR
What do you mean? Financial nihilism has been a good thing for GameStop.
@@davedavidson7534 Ah I was referring to their econ failure and reduction to status of meme but yeah it’s the only thing keeping them alive rn
Let it go man ... LOL
$6.75 if you get in store credit.
I think we all agree that the real return on GameStop was the friends we made along the way
I was making online "friends" in 1995 and I can tell you from experience.. it doesm't work
Friends? More like sheeple
A dozen for a dime?
Hey, I unappriciate that you tried to horn in on my joke by posting it two hours earlier.
Don't make me get out my ukulele.
@@paulpinecone2464 to be honest, I was just going to write "first" until I saw your joke from the future.
@@paulpinecone2464 Do you know the difference between an onion and a ukulele? Nobody cries when you cut a ukulele in half.
Grab of Plain Bagel in his rented lambo is *chef’s kiss*
I often listen to these videos while doing something else, but then I'm missing out on little jabs like this and it's a tragedy.
@@fygaroo hehe yeah definitely a “one doughnut two doughnut” deep cut lol
@@fygaroo 9:05 timestamp for you & anyone else who missed it
Bagel-gate!!!!!!!!!!!!!!!!!
financetube self-referential meming is, itself, some kind of content nihilism… and I’m hear for it.
I can’t blame people for wanting a little bit of revenge on financial institutions, especially when the government seems to care more about them than its society.
"the government" people voted for ...
In a democracy the people will always have the government they deserve. Something to remember.
Should you find yourself in a democratic society where you firmly disagree with the majority, you are always welcome to become political active, or move. I did both.
@@MorbidEelpeople vote on who there 'allowed' to vote for
Why? They didn't do anything to them.
@@ViaConDias with the current lack of regulation in lobbying, democracy is a generous way to describe the current United States government system.
By that meme stock definition (which I feel is a good one), TSLA is like the OG meme stock, cause their value has always been divorced from reality.
TSLA is the OG meme stock. By all accounts, the value of that company should drop by $40 billion.
@@AlejandroDiazadiaz201 40 or 400?
All stocks are divorced from reality. Patrick is insisting there is a link, but giving no actual proof that there is one. His only defense is that the people shilling meme stocks are themselves frauds. But so what? It's just an ad hominem.
Financial nihilism is true.
Not exactly. Tesla stock prices have appeared inflated due to being based on their projected growth rates, rather than current year profits. In 2009 Tesla sold around 900 vehicles, and sold fewer than that in 2010. But when they went public in 2010 the stock buyers who had correct expectations about their vehicle sales in 2023 (about 1.8 million) would do much better than buyers who valued them only by their 2010 production numbers.
Which doesn't mean that Tesla hasn't also been a meme, but the underlying reality has always been an important part of Tesla's stock price, regardless of the liars on social media who've said they're going bankrupt, or that they have lots full of vehicles they can't sell.
Ultimate meme stock
Wall Street Bets, “We make millionaires, out of billionaires!”
I like the Stonk, but moreso the hedgies dropping.
Retail traders turn hedge fund infinite money glitch into infinite money vacuum.
Hilarity ensues until SEC shows up to change HF diaper.
@@kjaze Hilarity ensues every time those retail traders buy the top of every pump.
Might work a couple of times, but decapitalizaiton loose power as time goes by.
Thinking that the underlying stock has no say is just hilarious.
I've spent almost 10 years being reasonably frugal and saving large portions of my decent paychecks and still feel like I'm no closer to owning a home or any form of financial stability. At this point I've pretty much given up, but there's many like me who would never buy a meme stock or crypto that just feel hopeless.
You're almost there. An adjustment down is coming in housing in the next few years. Keep that money for a down payment. Wait for the housing to slide and rates to get lowered down a little, and you should be able to get a good deal. The bottom took like 3 years to get to last time. So a year or so after things correct down, you will hopefully be able to find something.
How much have you saved? Have you considered risking it all on a software startup?
Have you thought about going remote and relocating to a place with low real estate prices?
There are lots of places in this world where $50k will get you a decent house, and $1.5k of disposable income with no debt will afford you almost a king's life, with very good food, decent healthcare, SPA, massages, restaurants, travel and so on.
The house and land lot I recently bought in a Serbian town cost me a little over 35k EUR, another 5-6k and a year of my time I spent renovating it, mostly by myself, and now I have a reasonably large house with Venetian plaster and paintings all over the place, in a quiet green neighborhood with friendly people and all the infrastructure within a walking distance. An average family here spends something like EUR700/month, so if you have double that for yourself or even a small family of yours, you're quite well off.
I saw a mansion in the nice and pretty town center for the same price, but it required complete renovation, which I didn't wanna do. Someone with competence and/or money could turn the place into a freakin' palace or an old-style merchant's mansion in the town center, with high ceilings, marble and stucco molding, - that would be the right kind of building for that.
The purchase allowed me to invest the rest of my savings into rental real estate in some larger/more touristy cities, and I think it's a much better alternative to spending everything and going into debt slavery in order to buy a worse house in a worse neighborhood somewhere in Western Europe, US or somesuch.
If I manage to do something similar in Montenegro - a heavenly beautiful country of green mountains and beaches about to enter the EU, - to spend summers at, it'll be an EXTREMELY good setup.
I got into crypto thanks to an unemployed friend. I kept working and bought a bit of crypto only out of caution. He's now a multimillionaire and I'm no closer to being stable. Nihilism!!!
Serious question - why are Americans so hellbent on buying a home? In Europe there are multiple countries where over 50% of the population just rent and are not disadvantaged in any way
Retail: ‘Financial Nihilism’
Institutions: ‘Speculation’
Everybody else: GAMBLING
Retail to institutions: "we learned it from watching you!"
Patrick and Matt L talk about "Financial Nihilism" as though treating the value of equities independently from their underlying balance sheet is a novel concept. Perhaps the reasons driving people to participate may change from generation to generation, but it's a story that's been around as long as exchanges have existed.
This! It only takes a detailed look at an average retirement account once you’ve held it for ten or more years, to see their projections based on “7% average” is BS, multiple years of negative returns which were all “to be expected” mean no compounding that year and an actual return closer to 3-4% literally the same as a savings account except some finance bro got to take a cut
Someone pin this post to the top!
Social mind managers: it ALL about CONFIDENCE.
At 55 everything paid off and all i have is hate for the system.
Society is a crime against humanity.
55 and you are still caught up in conspiracy theories, of course you hate the non existent undefinable 🤦
@@user-fed-yum Which conspiracy theory did they mention? I must have missed it.
@@user-fed-yum He didn't mention a conspiracy theory, and for the record the conspiracy theorists have a better track record than our institutions.
@@CommanderRiker0 have to agree more conspiracy theories have turned out not to be conspiracy at all than Ive heard conspiracy theories in the past couple of years. There's plenty of reasons to have contempt for the system that makes everyone but the people who work the hardest for the longest rich. That's no conspiracy..
ive spent my entire life seeing those who work hard and follow the rules rewarded with nothing, while the worst people imaginable cheat their way to success.
At this point the system only exists to optimize success for sociopaths.
100% real. I'm in my 50s, and that's been the story my whole life.
Stay humble and stack sats. Stop watching social media and mainstream media. Real wealthy people - you won't see them at all
You are only seeing them briefly. People who get rich off of risk and fucking people over don't tend to end up happy and very often end up losing everything.
Like the others said, get off social media. It gives you a very warped view of reality. 88-94% (depending on which study) of all millionaires inherited less than 10k. The vast majority of them are people that saved money over time and invested it.
"Behind every great fortune there is a great crime.” - Honoré de Balzac (1799-1850)
This has been my humble experience too. I did not hear about this in social media. I saw this at the 4 big boy jobs i have had. It does not matter if you care, work smart, work hard, be honest, respect everyone, etc. some incompetent, insecure, immoral, careless, kissass end up climbing up and making it worst for everyone else. Good people either leave or get demoralized and disengaged. I thought i was the only one with this perspective or maybe i was very unlike 3 times in a raw, but hearing this and reading the comments here make me feel otherwise. It shouldn’t have been a surprise, given how most students i went to school with copied homework and studied the past exams. This is what you get when they become the workforce. Bs it till then end.
I think the housing crisis is a huge part of it. I’m 32 and growing up, if you lived with your parents, you were a loser. Now, I know plenty of people living at home in their 30s, and they’re not recently divorced or anything like that
As a Costco member and shareholder, I felt personally attacked around ~20:00. I would die for those $1.50 all beef franks.
Same. But I openly admit that I’m part of the Costco cult.
eat enough of em and you will
FYI, the reason that Costco has such good meat prices is because it uses prison slave labor. If you don't believe me, just search "costco prison labor".
"You can take mah $1.50 Costco all beef frank after you pry it outta mah cold, dead, hand."
@@carlgarrett5142That can be arranged.
If you walk into a Gamestop today, you'll quickly notice that they have the same selection of games and equipment that any Target, Wal-Mart or Best Buy has. They've had so much time to adjust their business model, but have done nothing.
Only thing they can sell is stock. lol
The previous management was incompetent. They had hired consultants from the likes of Boston Consulting Group who systematically worm into companies and make bad business decisions in order to lower revenue and growth. Sounds conspiracy-esque but there is a pattern. If it happens once, fine. shit happens. If it happens twice, you think well thats very odd but still it can happen. when its happened upwards of three times its a pattern of behaviour.
Whilst this is happening partners in wall street invest heavily into competing companies, such as amazon, whilst also going short on said companies to urge on the downfall. A few to be mentioned toys'r'us, sears, circuit city, etc. All had the same situation, brought on BCG and then wall street kept shorting them till eventually the company goes bankrupt, at which point they never have to deliver on the short shares and take away a nice profit, whilst also benefitting from the long shares they take out on competitors.
Anyone with a brain in gamestop would have started closing underperforming stores waaaaaay before covid, doesnt take a genius to realise when you are making a loss. but they didn't, because at the end of the day they ones in charge were going to benefit from the companies downfall. The losers were going to be the workers, the people who had their pensions and lives poured into the company.
When the new management came in they stripped the board and started making logical moves, closing underperfoming stores, creating partnerships with symbiotic companies, but to turn around a titanic such as gamestop it takes time. There is no doubt that they need to move away from their current model, it still isn't profitable. But the big question is - what will they do, thats why this story is so interesting. 4 bill in cash can do an astronomical amount of things.
10-15 years ago it was fine to go there for a new release or something fun, and their overstock section was great. I got some Fallout socks for $2. Best GameStop purchase of my life.
Gamestop has always sucked. People just hate hedge funds even more.
@@thefinalkayakbossYou should hate berkshire hathaway more. That fund is a big pusher of ESG. Hedge funds do just that. Hedge for a rainy day. Without hedge funds our system would collapse and you’d be in a bread/soup line.
I’ve never invested in meme stocks, but I absolutely get the nihilism. I’m saddled with debt for a degree that is apparently meaningless without ridiculous amounts of experience, but an endless array of banks and other big businesses are regularly bailed out, despite their CEOs walking away with enough in a year to make me debt free for life. I’m responsible for the debt I made, but apparently big business…just isn’t. A lot of companies are overvalued to an absurd degree, yet money keeps appearing out of thin air to cover it. I’ve lost all faith in the financial and political system. The UK is currently drowning in their own filth and there are question marks over the clean water supply, because a number of people who knew the right politicians have bled the utility dry. Now the tax payer is holding the bag (and the shitty water), while the so-called elite is skipping off into the sunset. Any normal person who was this atrocious at their job, would be fired on the spot, but instead these people are who we are to look up to as those who “made it.” It’s just disgusting and I…just don’t care anymore.
You sure got used to writing
@@anthonyberry9132 I assure you that an angry Reddit thread requires more reading.
remember when RBS invested the bank balance in the mortgage backed securities in the U.S and the tax payer had to bail them out?
Compare that to the hundered of small businesses that went bankrupt during covid and how none of them were bailed out.
The idea that a company is too big too fail is literally a mockery of the bullshit system we live in. Capitalism doesnt work unless shit companies go out of business, if you fuck it up then you should go under because that shows the level of incompetence. This then allows for more fuitful companies to thrive.
but i hear you, it is a joke, i mean just look at the leaders that run the countries, just rich twats that went to private school, the system is designed to keep the wealth in one place, even when covid happend the vast majority of the emergency money ended up in the top 1% back pockets.
LOL, your problem is that you were taught that there was justice in the world and that people had to play fair. As you get older you realise that nothing is fair. And it never has been. The strong and successful in this world realise that and just get on with it, playing the system to make every break they can, instead of whinging about how unfair life is. Of course it is. Some people are born handsome/beautiful, intelligent and confident. Some people are not. Some people are born in civilised western democracies, some are born in war torn, fractured countries wrestled over by competing dictators. Life is not fair and it never has been. Roll with the punches. There are more opportunities in life than there are ever have been, but don’t get seduced into thinking that your life will be/should be anything like the confected fantasies you see online.
If that’s your vulgar, roundabout way of asking if I am optimistic, well yes, I am. However, I’ve reached the stage of my life when all the material things I have previously striven for and all the things that go with that lifestyle are becoming an unwanted burden. The more things you have, including money, the more things you have to look after. I now want to downsize, get rid of stuff and focus on the way I live and my health. There’s a wonderful passage at the end of Evelyn Waugh’s Decline and Fall (I think) involving people at a fun fair attempting to reach the centre of a spinning disk as an analogy for life. Some people at the fair just stand and watch and never attempt to get on. Some are energetically holding on and doggedly trying to reach the centre. Some, screaming with excitement, cling on to the edge which is faster and more dangerous. Many get thrown off. A few, after much effort, reach the centre which is completely still and realise that it’s the same as if they had never started.
Financial nihilism is when I work for the mortgage collections department at a bank; a bank who would not give me a mortgage based on my lack of income and job security.
I've lost all my hard earned money on that Plain Bagel guy. 3 Rockets emojis convinced me to invist in him.
Can you elaborate? How did you invest in him and how did you lose? I'm vaguely aware of who this guy is.
He didn't invest, he invisted. These are two different things. @@Dave-ng7ee
Not a serious comment
I lost 12 billion dollars on bagelbooty nfts.
After seeing his "Day in the life of a 29 yr old billionaire trader" video, I was hooked, can't believe I allowed myself to be suckered the heavily edited depiction of his lavish lifestyle.
I just feel financial nihilism because as a Millenial no matter how hard I work I just can’t seem to catch a break or get ahead, so I just stopped caring altogether. I literally cannot devote anymore mental energy to it 😢
Money won't make you happy, unfortunately. Find and marry a good man and have children. You will be almost guaranteed a happy life, barring extreme bad luck
its not just about hard work, its about gaming the system. you cant just work hard and hope to get lucky. make your luck. look good, speak well, and have some balls to get what you want.
@@texasoilfields finding a good man is harder than getting ahead because relationships are more often about compatibility than consistent effort. people want their relationships to be a comfort zone after work. unfortunately, sustaining a good relationship to the level of "happy family" requires great patience and pays out mostly in endearment, sense of belonging, and a remedy to loneliness; intermittently polarising with a lack of satisfying mid to long-term prospects aka "mid-life crisis".
i find that the easiest relationship tends to be between people with the patience to speak at length about their mental state and plans with their spouse while not relying on relationships for their main form of comfort or existential affirmation.
I am a millennial, I've stopped caring too 😢 Wish you all the best
@@texasoilfieldsnah. Money is proven to make people happier. Literally. In sociological studies over and over again. Children aren't. "Find a husband and pump out some kids". Go back to bed Grandma.
I'm a member of the most boring investment community, the Boglehead, and my reward has been the boring joy of just watching value pile up predictably over time at the lowest possible expense. Now, where can I get my Vanguard hoodie or maybe a VTSAX tattoo?
This video clarifies an unconscious bias that I think most older millennials feel, including myself. This is one of my favorite vids Patrick. Thanks for the amazing content
QUICK PATRICK CHANGE IT TO *GAMESTONK*
Mr. PATRICK LISTEN TO THIS FELLOW REGARD !
I CONCUR
I was gonna say, major typo in the title card putting that "c" there.
Important comment alert
QUICK, REEVALUATE YOUR LIFE CHOICES!
The fact that Johnson & Johnson's CEO is not John Johnson is the real revelation this video gave me
My house is on the beach. The amount of women who come,take photos of themselves in swimwear(or without) and then pack and leave without ever entering the sea is stunning...
There is so little "human" left in these people.
That's probably because the sea is full of shit
I farted
UNSW suggested women post more selfies when they live in areas of increasing financial inequality.
""In evolutionary terms, these kinds of behaviours are completely rational, even adaptive. The basic idea is that the way people compete for mates, and the things they do to put themselves at the top of the hierarchy are really important. This is where this research fits in - it's all about how women are competing and why they're competing.
"So, when a young woman adjusts her bikini provocatively with her phone at the ready, don't think of her as vacuous or as a victim. Think of her as a strategic player in a complex social and evolutionary game. She's out to maximize her lot in life, just like everyone."
100% with Patrick when he said taking a selfie used to be unusual and (unstated) contemptible. Strange times we live in.
Boredom is a wealth killer. It makes people gamble and spend on things they can't afford. Next time you are so bored that you want to waste money, I suggest going to the public library and finding something interesting to read. All it will cost you is a small fee for a library card, which many cities don't even charge. Your wallet will thank you.
I'm fairly certain that the kinds of people your message is intended for will have a hard time keeping the word "library" in their mind at the same time as the word "fun" without throwing some kind of fit.
What if we have money but can't read
Well that doesnt apply to us now does?@@jamad-y7m
@@jamad-y7maudio books
@@jamad-y7muse an ocr pen or text to speech
This reminds me of the blue and green politics of Byzantium. For those that don’t study Medieval history. The city became divided into factions. But the factions had no meaning. You were a green or a blue with no other connection.
Sounds like Glasgow without the effortless charm of the residents.
@@honker3282 Considering blues and greens refers to chariot racing teams in the Byzantine context, the comparison to Rangers and Celtic is apropos as all hell.
Wait a second...are you just looking for ways to squeeze the Byzantine Empire into every discussion?
How many times a day do you think about the Byzantine empire?
i thought it was blue and red but whatevs
I like the more cultured- centric writing in this episode! It's really interesting to have more qualitative aspects in a story too i think
I think theres some boredom, i think theres more "fuck you rich assholes, ill make myself poorer just to see you bleed". Idk if that perspective is of any practical value, but there is no denying its popularity.
Reminds me of the young people in china "lying flat"
The tragidey of modren times is Resentment, its seems the current culture is completely enthralled by it the left is filled with resentment, the right is filled with resentment, politics, media and now finance is infected with it.
It's not about making or loosing money, it's about giving the Walstreet a-holes taste of their own medicine 😎
@@photo_n_artand what medicin is that?
@@TheSteinbittartificial manipulation of the market for your own benefit... it's not that hard to do if you have enough capital... In case you haven't noticed already 🤷♂️
Tesla’s recent earnings call and payment vote is also a prime example of financial nihilism.
Elon: just fire some engineers... oh and gimme dat big fet bonus!
@@lovisericachii4503 Elon'll spend that money getting himself and others to Mars, which may save humanity from nihilism.
@@gragnaktube as long as he stays up there
nah, tesla is a real company making real products. Yes there is overhype but in the end they do have the world’s best selling car, a growing energy storage business, and many more products in the pipeline.
@@gragnaktube No, they'll just take nihilism to Mars. Not sure what problems you think are easier to solve on Mars than on Earth. Maybe you mean they'll all have to work hard at merely having air to breathe and the first-world stuff just won't be very important, no time for simulacra.
The question is when does the nihilism end? It is tough being rational in an irrational world. “I feel like I’m taking crazy pills” -mugatu
But... if the market were perfectly rational, no one would ever play...
First nihilism needs to lead to a tragedy. Then few years have to pass. Think of the series "Chernobyl".
@@paolovita1720 I don’t need perfect rationality. Just not GameStop/ AI insanity
It ends when society collapses
It doesn't.
Patrick I’m not here to tell you how to do your videos , I just enjoyed seeing you with the books in the background and not that bootleg trading room. I just enjoyed you in the other room better. Just my two cents!
Pretty sure that's a rap studio, not a bootleg trading room.
And he now keeps all of his books in his garage….
So you're saying he built a fake trading room? Seems like a bit of a flex.. or he's just at work
People are losing or have lost faith in the system, that by many metrics, has failed millions of people around the world.
Without hope for a better tomorrow, this means they will increasingly turn to radical solutions or just give up entirely.
Neither outcome is good.
Agreed
Boyle is dismissing financial nihilism without giving any reason that it isn't true. He's just asserting it, and making an ad hominem attack against meme stock shills. That has no bearing on the fact that the actual stock market is indeed divorced from reality, and has only ever been propped up by blind faith. Now that this faith is shattered, nihilism is inevitable.
"God is dead. God remains dead. And we have killed him. How shall we comfort ourselves, the murderers of all murderers? What was holiest and mightiest of all that the world has yet owned has bled to death under our knives: who will wipe this blood off us? What water is there for us to clean ourselves? What festivals of atonement, what sacred games shall we have to invent? Is not the greatness of this deed too great for us? Must we ourselves not become gods simply to appear worthy of it?"
- Freddie Neets
The radical solutions has always been an option, and history books are filled with them. This is the first time in history giving up is an option, at least without being killed or pushed out of society. The fact that giving up is an option today, is a testament to the society we have build.
There is no such thing as a strong powerful victim, the two are mutual exclusive. If you are a strong person you will make things happen, die trying, or find another society to be part of. If you are a victim you are at the mercy of your 'masters' keeping you alive. The giving up/victim mentality today only works as long as the non-victim part of society works hard and share their resources to keep the self-proclaimed victims safe and fed.
We need some fundamental changes, yes, but partying, gambling, and giving up will not get us there and we need to get there. If it where to end with the radical solution who do you think would win?
There is no giving up in life if you want to have a voice in your society and an influence on your own life. Never has been and never will be.
lost et since the net became a thing :) nao I just laugh when the world is burning down
The issue is that it has failed millions but helped billions. The current financial system has brought literally billions of people out of poverty around the work. The capital has helped uplift communities across South Asia like in India as well as large parts of Africa.
So it isn't as easy as dismantling it. There are major parts of it that need to be preserved or it will cause a global fight.
I feel like financial nihilism is the result of decades of public conversation that discussed stock prices without discussing what stock is. I've made a habit of asking my friends and associates (none of whom are bankers) what ownership of stock is, and have rarely heard an answer that has anything to do with corporate governance. That seems strange and bad to me. On top of that, I've certainly heard plenty of gen xers talk about how stock prices are just a reflection of lots of people trying to game the system. So, from that evidence I'd say financial nihilism originated before the millennials were even teenagers.
Well naturally.
The fact that, with a sufficient number of stocks, you might have voting rights, or significant control of a company is academic - no retail investor will ever own enough of a stock to influence the company's behavior.
And likewise, the companies you own stock in probably won't liquidate, so your ownership is purely hypothetical.
Are my voting rights purely hypothetical?
@@th3b0yg No, just insignificant.
@@PhoenixCrown and yet, that's what I'd be selling if I sold my stock.
Universal Basic Income has been showed to increase economic participation rather than doing the opposite. People on UBI have the freedom to think long term, so they tend to take courses to gain skills relevant to the changing economy. It doesn't deprive people of motivation to work, it does the opposite.
I invested $700 dollars in game stop due to roaring kitty and cashed out enough to build a kick ass $4.200 computer all paid for by greedy short sellers. I might just do again if the opportunity arises.
Your profits didn't come from short sellers, but from other people who had the same idea and got in after you. A good chunk of them ended up holding the bag.
Literally sounding like a guy who had a minor win at a casino, yeesh.
"Financial Nihilism" seems like just a rebranding of price speculation.
Yes, except in the case of crypto there is no price target... The only speculation is to do with pump and dump cycles
Pretty sure you are missing the point, it may look like price speculation but what it’s dangerous are its root causes.
I think the root cause for this speculation is what matters
It's a dumb term. Nihilism is not about divoricing acts from reality. Young investors are just stupid.
Pitch: Making small people rich by making the suits go broke.
Truth: Making small people rich by making a few suits marginally poorer while bankrupting the truly poor.
This is one of your best video essays to date. 🏆
I've noticed that people who "don't trust experts" have no idea how to identify a real expert in the first place.
That does follow! I mean how can you trust experts if you can't identify them?
@@th3b0yg My point is that you can only reasonably claim that experts can’t be trusted if you are capable of correctly identifying experts, otherwise you don’t know what you’re talking about.
It’s like if someone claimed that watermelons were disgusting, but they had never actually tasted one and were thinking about strawberries.
This is usually caused because of the need to water down information for mass consumption without regards to nuance or worse, to appease any ideological system. This causes distrust in the information provided by experts, especially if it does not match their personal convictions (whatever they may be). Factors such as fear of ambiguity, social resentments, cultural conflicts and ever increasing tribalism leads to a (my experts V.S your experts) situations, which only intensify the problem.
You're right that they don't, which is why you'll find idiots saying it both ways: "don't trust experts" and "trust experts", with the idiots in the latter camp having an entirely warped view of who is and isn't an expert.
The smart place to be is where it always is: somewhere in the middle. In this case? Don't trust experts (or anyone else for that matter) blindly, IE, without knowing what they stand to gain, and what you stand to lose by doing so.
@@th3b0yg
Back in college my Economics professor said: "The issue with Economists is that ther is no actual requirement to be one. Anyone can claim to be one and no one can tell you know."
That is what he means. Especially in places like crypto, there are no board certifications or anything to show who is really an expert or talking out of their ass. It takes the problems of lack of certifications in personal finance and multiplies them by 100x. There needs to be tighter regulations on financial professions both in equities and alternative assets. Insurance agents can still legally call themselves financial advisors while only selling you scam insurance products.
Universal basic income does not mean people would not have a job tho
That's what he's saying, and that just having the money without the sense of social utility and connection that work can bring would likely be more alienating and harmful.
He never claimed that though
Yeah I really disliked this insinuation from Patrick. UBI would allow people to pursue the work they find meaningful with less worry that it needs to pay the bills.
Especially not if it's set at a low enough level!
@@Dave_the_Dave Same, I found that tangent disappointing, and quite jarring from someone I usually find very measured and admirable. UBI doesn't mean we don't work. It means a rough patch doesn't doom someone to a spiral of poverty, and if a corporation wants their office toilets cleaned, they have to pay what that job is worth.
Don’t usually comment on videos but this was amazing Patrick, you distilled down societal and younger generational woes and drew parallels to Simulacra and Simulation and brought it back to investing and wealth all within 20 minutes. Great work!
This essay is a masterpiece, Patrick!
Using The Plain Bagel for the Lambo photo is just *chef's kiss*
I guess I missed that part 😅
Can you please explain? :)
Your right on! I remember the Celsius CEO saying how bad and corrupt traditional banks were but then it turned out he was just stealing people’s money.
honest theft?
GameStop shareholders complaining that GameStop is taking advantage of them by selling more shares is the same as a John going to a dominatrix and complaining about getting kicked in the nuts
You know what makes me cynical? Someone telling me I shouldn't get UBI because I'll get life meaning and purpose in a minimum wage garbage job that sucks the life out of me.
Financial nihilism is still a form of Greater Fool Theory.
I'm surprised you have not talked about monetary policy and ZIRP more. With savings no longer being an option, and the well-to-do having access to free capital at the expense of the working public, of course people are going to become nihilistic about finance. They will speculate wildly on assets in an environment where profitability seems to no longer matter, and be incentivized to pump up the price of beanie babies in the form of crypto vaporware, tech stocks, and yes dubious meme stocks.
Savings (if you mean as cash) never were an option for anyone. Unless there's deflation, cash savings are always going to lose against inflation, regardless of what the bank pays you for your deposits. Monetary policy also is irrelevant with regards to the predations of the ultra wealthy. The rich get richer regardless of the Fed Funds Rate. Arguably, ZIRP has more practical benefit for the ordinary person like me than the ultra rich. Most people need to purchase big ticket items, like a house or a car, on credit, and the lower interest rates are, the more of my earnings I get to keep. Try buying a house these days with 30 year mortgages at 7%+.
@@papacharlie-niner148 I can understand where that sentiment comes from. Watch the PBS documentary “Age of Easy Money” here on TH-cam and curious to hear your thoughts on it. Nothing is free, especially low interest credit. And if wealth inequality is a concern, you do not want it.
@@papacharlie-niner148savings used to be an option.
People would buy gold jewelry, and stuff it away.
This is still done in other parts of the world.
Sometimes they'd accidentally throw out their hidden money. 😅
@@papacharlie-niner148 With housing stock tight, lower interest rates do not really mean you get more house when you are a buyer, it means the sale price will be higher.
@ComradeOgilvy1984 That's true, and low interest rates could spur more real estate hoarding by private equity and speculators. But it should also spur more construction. In any case, none of those points alter my point about the cost of debt for ordinary people, who rely on debt for big purchases.
Brilliant insight and true. I'm a Gen Xer that studied Finance and Business Law at University and now an active investor and trader. I watch with both amusement and horror at how many Millennials not only approach life but investing, which isn't investing at all, but pure speculation as indicated in this video. Chasing superlative returns may work occasionally but it will also burn you in the end, aka the massive amount of money recently lost in the recent crypto currency crash. Sure, crypto has clawed it's way back, at least in the near-term, but I'm sure most of those that lost money earlier never recouped their losses. Thanks for the reality check again, Patrick.
Removing the “buy” button to save the market makers showed people how the system actually works. The fundamentals unfortunately don’t matter when entities responsible for maintaining the efficient working of the market also benefit in an outsized way from the movements of that market. The same entities who hop on TV to bury a stock (or claim the market will die as soon as a pandemic is announced) are also conveniently set to profit from the hysteria it creates. Add to that the sentiment that chosen entitles are permitted to modify rules as needed to ensure their survival, and you can easily see why people quit looking at fundamentals.
As if anyone would do anything to save market makers.
the buy button was only turned off for robinhood most other brokers could still buy, robinhood just didnt have the liquidity
Smart people don't go to TV or social media for investment advice.
The idea that rich is how it's supposed to be really started with Gen X. The sentence that describes the 80s best is, "Gotta sell enough coke to buy a Ferrari." Luckily, most of us were raised by people who were not raised with television and knew better.
Patrick deserves 7mil subscribers. His videos are understandable and funny. I literally would know nothing about finance without him.
As of today Game Stop is up 2019% over the past 5 years, it’s held most of its gains from the pandemic stock boom and keeps going higher largely due to Wall Street’s obsession with shorting the stock and trying to destroy it to prove a point. If you bought and held GameStop you would have vastly out performed every hedge fund in existence over the past 5 years. That’s what Roaring Kitty did and he made a ton of money. How is it nihilism when just buying and holding the stock is actually a good investment? To me the crazy ones are all the hedge funds that keep losing money in shorting but yet jump right back in to lose more money, they are the dumb money in this situation.
"I think the people of [the internet] have had enough of experts." - Michael Gove.
Experts are great...but only if they are working for you...that's the problem.
I’m a fat headed cock muncher - Michael Gove
brexit was financially irrational, i geddit
Roaringkitty is a market mover. What a time to be alive.
Closing underperforming stores leads to lower total sales, but can also lower expenses more. Expenses shrinking faster than lost revenue. That's necessary to achieve profitable operations... which defeats the short thesis.
But shrinking to achieve profitability may also be a losing strategy. Maybe the problem is simply with brick and mortar retail generally? If they've got cash, as Patrick reports, perhaps they can re-tool around an entirely new (to them) strategy?
I'd argue that the dividend stocks have intrinsic value tied to company performance, and non-dividend stocks have no intrinsic value.
I would suggest people get into index funds which over the long term have gone up. Investing in meme stocks is just gambling.
Hooray! Someone knows what stocks are for! My enthusiasm is genuine - it feels like nobody knows that ownership in a company is supposed to include a share of the profits. What happened!? Why am I forced to invest my retirement in non-yielding financial instruments? I'm looking around the table and I can't tell who the sucker is... Oh, that's just great.
Another superb analysis. My favourite TH-camr. Thanks, Patrick.
This is my favorite ever video from you. You did such a good job articulating this concept
Everything is fine until the batteries run out.
When I left school I knew nothing about money or the financial world. The only money maxim was to save up for a house. All the banks wanted was to give me a massive debt, and a credit card. They wanted us to be in debt till the day we die. They would finance any bauble or trinket that was for sale, either to "me", or some "captain of industry". Guess which one is bailed out? Neo-Liberal economics is a well known thing amongst the young, and it has lead to financial nihilism. I'm 70 years old.
When you can have a credit score but not a living wage, there's not many illusions left to dispel about who the powerful are looking after. The postwar social project being rolled back. The kinder society voted for by the men who hit the beaches on D-Day after they got home didn't get one mention in all the sentimentalisation of this year's commemorations.
The debt system is the trap, not just us personally, look at how many countries have transitioned from “developing” to “Developed” through support from the world bank/ IMF? Zero, keeping stuff cheap for us westerners. China saw the debt slavery for what it was and copied it with its Belt and road initiative - although their country feels like an even bigger house of cards than the west!
Solid essay Patrick.
Well done and thanks
I really like this sober and analytical approach, the analysis of the younger generations and their relationship to society, expressed in financial nihilism. It explains a lot without being (too) patronizing.
1000 likes to convince Patrick to sing "Down With The Sickness" - Disturbed at the end of the next video!
Millennials get nothing more out of work than a pay check. We all hate our jobs, even if we make good money. If I didn't have student loans I would never leave my couch and be the happiest man alive.
Lottery players are usually not wealthy and I assume this is the same for meme stock buyers.
Difference is that for meme stocks there are influencers that find ways to win the lottery (or at least profit) by manipulating others.
Well, Patrick did a video that said lottery winners ARE wealthy, and that we only hear about the failure stories.
@@auraguard0212 And I also saw a research saying that wealthy investors are dabbling in lottery-like stocks too, even if with relatively small position sizes. Highly speculative option-like stocks can have rational attractiveness too, if you time the trade well and don't risk blowing up on a few mistakes.
@@auraguard0212The OP statement was about players, not winners.
omg that Plain Bagel cameo, THE BEST.
The whole part about people feeling connected to work and feeling as part of something bigger is the first time you sounded put of touch. I work for money, all my friends work for money we want to be part of something bigger and feel useful but working in offices makes us feel empty, exploited and In most cases things our companies do are very far from our values. Noone is creating better future by being lower menagement at corporation. Most people I know sacrificed their interests and passions because raising cost of living makes it necessary to find the most paying job possible. I dont even feel i can choose a job, I just have to accept whatever is available to survive
Yeah that take from Patrick really surprised me. I think most people throughout history have worked jobs in they needed to in order to provide, not because of the sense of worth it gave them. A lucky few might end up in a jobless that feels meaningful, but I think it's got to be the exception not the norm.
Exactly. If I ever got any satisfaction from making someone way more money than they pay me, it's Stockholm syndrome trying to find one iota of dopamine for the shift. I get satisfaction from learning bonsai or hiking and seeing muscle grow. Things that benefit me directly, and more importantly, rarely tied to money.
@@zarinaromanets7290 yeah I like Patrick but at the end of the day he probably makes more money than I ever will and with good amount of money its probably easy to imagine meaning behind your work. I am not a financial nihilist, I believe in value is derived from labor not from speculation, but whatever this “work as belonging” is I don’t believe in it
Then congratulations, you've been working for so long that you've turned bitter.
By contrast, I still like to go to work and make people's lives better by doing so.
Whether it's customers or coworkers, doesn't even really matter.
The key thing is that I know I have to focus on those silver linings, because if I let my brain focus on the repetition and wage-slavery of it all, I'd get deeply depressed...
This is very much a situation of "the purpose of life is to die" mentality.
And there is no cure against realizing that one day you'll die and whatever you did or accomplished in life will sooner or later be washed away by time itself.
Even the names of presidents will fade, since even countries and cultures will fade. Hell, eventually the sun will blow up, and by that time humanity will either have died out long long long ago, or otherwise have evolved so much that they'd consider us as lesser than what we think of chimpanzees today...
The only thing you can do is shake your raised fist against physics itself, and deciding that you're gonna _create_ meaning in a life that has none.
Sure, at the end of the day it's a mindtrick you play on yourself.
But it makes your subjective experience on this Earth sooooo much more bearable 🙃
@@MrNicoJaccorrect!
It's really great to see a serious person taking this idea seriously. I learned something.
Mr. Boyle, please create a video explaining the end of the petrodollar and what it means for the US economy.
This is one of the best shows you’ve done and you have done a lot of great shows,
At least with GME there are no $55 BILLION dollar CEO pay packages being approved.
They would be happy to have the same package. The Tesla package required the CEO to hit some numbers that most analysts thought weren't possible to hit. So if GME had the same thing happen, then they'd actually be less likely to go bankrupt.
@@geoffgjofsounds dangerously apologetic to Elon Musk that Geoff. Dangerously simpy.
@@GaryGoals Not really. The company had an agreement with him. He upheld his side of the agreement, so they should too. It's about respect for contracts. Part of what's getting messed up these days are people are not following through on what they say they'll do. It has nothing to do with the actual person or agreement. I think maybe you're projecting on to me how you cheerlead the people you like based on who they are. I have no such problem with idolatry. It's more important what people do.
It is a stock comp package, if u dont like it - sell your stock
I’ve discovered this TH-cam channel fairly recently and really love it. This video on Financial Nihilism was especially good and informative.
This is why millenials are nihilistic or just plain soured on the economy, "the american dream" and the "traditional investing", in my own example:
I've spent 6 years to get a PhD in a highly specialized field of tech, now working in Big Tech and earning a bit over 200k a year. I'm married but no children, single earner family..... I have no hope of purchasing a house near where I work, or even 1-2hr drive away. I am 33, and I will spend the next 5-7 years saving money for a downpayment for a small cheaply made home that costs 1-1.5mil TODAY. When I first joined the workforce 4 years ago, these homes costed maybe 700-800-900k. My rent is 3.2k/mo and mortgage would be 8-10k/mo. There is no hope to even start having any children.
I guess we need to bring in immigrants with children
Thats cause you not dating, well you can still have child... People put the house before the children.. i understand the importance of a home as a family Man but you missing out on the most important... You losing Time to build s family, kid and putpose
It's possible to rent a place to live and also have children :)
As one of your minority female subscribers, and a member of perhaps an even smaller cohort of philosophy majors, this is my favorite of your videos yet.
The "We like the stock" is a kind of mystic phrase in the strange Gamestonk cult that rose up around the short squeeze. It''s a fascinating little phenomenon. I never thought I'd see the birth of a religion in real-time.
I think it comes from crypto. "Hey I just like this coin" is kind of the only justification you can come up with for a shitcoin lol.
What's funny of this cult it's that the original founders are all out already, with the current members having created their own lore.
@@containercore6832 no, it was originally a quote from RK
Lots of religions popping up right now.
@@LeMAD22 And yet they seem convinced that their "leaders" have just gone into hiding to protect the movement. It's amazing the leaps in logic they make.
Ever thought let’s do the value analysis of a company only to find the P/E ratios were ridiculous but the stock kept going up. It’s not just about the young people. Many rich people since 2008 just use liquidity indicators and passive funds while kicking back on a tax free beach as their position doubles
Bitcoin became popular when people realized you could buy bitcoin with bitcoin.
Its crypto all the way down.
Some people have nickname crypto as crapto.
What stuck out the most for me was how blatantly the oligarchs just changed the rules when the little guys got a win.
Patrick is such a memestock/crypto hater, we need a Patrick vs Kitty rap battle to sort this out!
And this depth and plethora of far reaching implications laid bare is why i love patricks vids.
Let this sink in.
I have a hunch that if you model out systems with sizable amounts of investors embracing financial nihilism, say with game theory, you'd inevitably go through more dramatic boom and bust cycles. Like pump and dump schemes. A few folks will get silly rich, but most will see their retirement accounts gutted. I prefer stable, rational financial systems as I expect that'd naturally benefit more people.
We could fix this if we had open and honest central banks and governments.
I would push back on a few points. I think saying that people making gambles because they have unrealistic expectations and don't want to save for retirement like their parents assumes that doing so is actually an option for most people. So much of everyone's income is being eaten up by necessities that were not doing so to their parents and so a gamble appears to be the only way out.
I think the "simulation" is that the economy actually functions logically and the reality is that it is extremely parasitic.
Also UBI would not prevent people from doing meaningful labor, it would simply disconnect labor from needing to be profitable for a third party. You would likely see far volunteer activities with the freed up time
I was confused for a second. Was he making an argument against UBI or for it? UBI doesn't prevent anyone from working or finding fulfillment. In any case it argues that people wouldn't be lazy and likely work more out of choice instead of necessity. Or did I miss something?
@@manuelmartinezrodriguez8578 to me it sounded like he was arguing against UBI, but it is entirely possible I misunderstood him.
I don't know if people would work MORE necessarily, but many things would see more labor than now. You would likely see more people spending time helping the elderly/children/animals, cleaning litter, taking on community improvement projects after you detached labor from survival. People are just so tired and busy that anything that doesn't produce profit is made such a non priority that public services are falling apart
UBI is nice in theory, but unfortunately, it’s literally just a subsidy to inflation. If you give everyone in an economy $100, the prices of all goods will simply all inflate to collectively equal the amount of money that was injected. And then effectively no stimulus has occurred because people have more dollars, but those more dollars have the same total value as their fewer dollars used to have.
A better idea is a universal basic resource system, where the government collectively bargains (on behalf of its citizens) to get cheap prices on enormous bulk quantities of basics of life like food, water, and shelter. These can be bought and distributed more efficiently from a central source than they can be when each individual works alone or through mediators. And, they can still work for money to get anything else they might want besides beans, rice, water, and a 10x10 apartment. (aka: the good parts of the system we already have).
True, the boomers had permanent, union jobs and that made it possible to make gradual investments over the long term. Today job security is at its worst and so most people are going for short term high return investments
So I think you're saying people are buying GameStop stock in the same way they buy a lottery ticket.
This is one of the most pertinent and insightful episodes to date, it explains exactly what is happening - Confirmed, by parsing my empirical data through the lens of the hypothesis discussed. Thank you.
It's very deep and pervasive - nihilism is not just in the financial system. It's everywhere and it's only getting worse. It's hard to assign any meaning to anything when a walking corpse is supposed to save us from nuclear Armageddon.
Nihilism is the core of Trump's appeal. Nothing he does or says actually matters. Insult soldiers, suck up to dictators, word vomit incoherence, rob charities, bride pornstars... whatever. It's a clear revelation that all of the so-called principles that conservatives have pretended to represent were always nothing but smokescreen. They don't have principles; they have interests. They just want to pay less taxes.
In conclusion of this video, I understood that I should go with the time and go all in on GME.
Blimey. Baudrillard in my finance feed. My media studies degree feels validated.
Same, nice to see someone from finance talking about the effects of culture for once.
"Went from keeping up with the Jones's to keeping up with the Kardashians"
Well-written like there, nice job
This was a very good video, touched on issues that I never noticed in investing before.
I am a nihilist, no question about it. I don't think it has anything to do with the Iraq war (I'm not American) and everything to do with the financial system, the wealth gap and the internet giving a clear insight to how the other half lives. That being said, I'm not going to YOLO everything on a meme, I need to eat.
the internet is not giving you clear insight to how others live, it's showing you how people want to be seen.
The spectacular antithesis of starting your paragraph with "I am a nihilist" and ending it with "I need to eat". You receive the cognitive dissonance award of the year Congratulations!
@@eventhorizon88 He's talking about being a financial nihilist. You win the most vapid commenter award of this video.
The Iraq war being prosecuted on entirely fictional premises and nobody ever having to answer for it, or even being called out for it, was hugely corrosive to trust in both power and the media who were supposed to speak truth to it. Accelerant for nihilism.
This is by far the best analysis on the topic of meme stocks and sentiment amongst young investors, very well worded in general. Especially the last bit about a stock becoming part of ones identity and voting for certain candidates to troll the other side really hit the nail on the head IMO
It's not nihilism ... It's the deep-seated and perfectly rational human desire to punish those who contribute nothing to society, be they Amway distributors, poachers, or hedge-fund managers. It's putting a value (one that varies from person to person, and which can't be predicted by any algorithm) on the satisfaction of seeing the suffering of someone you deeply dislike. Some stock jokesters might just want to watch the world burn; but I think that most just want to pin a big red flag on the unnecessary complexification of social systems, and on "jobs" that shouldn't exist. (Yes, Economics is a social system; it's a set of agreed-upon rules, like those of any invented game. What it's definitely NOT, is a science.)
Right, start out with "perfectly rational" and in the next sentence "satisfaction of seeing the suffering ...". Your rationality didn't make it very far there, did it? Resentment gives bad advice. Also, you thinking that hedge fund managers don't contribute to society is not the same as hedge fund managers not contributing to society.
Childish behavior isn't getting you anywhere and isn't hurting those you dislike.
@@EdwinSteiner You're right! Bad word choice. I should've written "understandable" or even just "normal".
Hey Patrick, your videos made my 10+ hour flight much better! Thanks for that. Regarding the financial nihilism perspective, this may even be an advantage for especially new traders to focus on price action instead of trying to be an expert in more sophisticated strategies like deep value investing or algorithmic trading, or getting distracted by the bombardment of information from news or social media. I've been trying to study price action myself for the longest time, and it's actually where I get the most return, because amateurs/individual traders/investors don't have much ability to understand the underlying dynamics of companies to be a value investor, nor do they have the capital and large accounts to live on a 10% annual return. Lately I'd rather trade on price action (trying not to be stupid of course) and understand supply/demand characteristics on the price chart.
Corruption > what are you doing about it and why did you leave out stock market manipulation through shorting?
You might want to look up Patrick Boyle's bio. Why would a hedgefundie come out against shorting?
Thank you for raising awareness. It may not do too much directly, but it will continue to increase awareness of this problem as it relates to the financial world.
Love the new spectacles there Patrick.
Nihilism is a response to the times that we live in. It's a defense mechanism to not have to face the fact that every metric the younger generations will be worse off than their predecessor generations and are looking at a bleak future. And you have front row seats because you have access to more information and by all likelyhood the education to understand roughly where things are headed. It would be very interesting to see a video as to why young people shouldn't feel nihilistic about their future (maybe not on your channel, it might be a bit off-brand for you :)
I don't think its a defense mechanism, I think it's a realization. It's clarity.