Archived Blog Post: August 23, 2004

Google makes money managers work for a living: "This made money managers look a lot smarter than they were -- even if you set the bubble aside, there are lots of fund managers whose returns from the late nineties need an asterisk next to them -- and it wrecked the price-setting process, since there was no real attempt to let the price reflect the real demand for a stock. It also sabotaged one of the best things about capital markets, which is that in theory they aggregate the opinions of anyone with enough capital and enough risk tolerance to participate, and not just the opinions of those with the right connections."