A Quote by Gary Weiss
Short-sellers perform a useful function in the market as conduits of negative information, and shorts often complain that they are discriminated against by regulators.
Related Quotes
Information costs are reduced by the existence of large numbers of buyers and sellers. Under these conditions, prices embody the same information that would require large search costs by individual buyers and sellers in the absence of an organized market.
Most of what we know about sales comes from a world of information asymmetry, where for a very long time sellers had more information than buyers. That meant sellers could hoodwink buyers, especially if buyers did not have a lot of choices or a way to talk back.
We were born with natural rights. We don't need civil rights. [African-Americans] don't need civil rights. They don't need them. They have inalienable rights granted by God in the Constitution. I mean, I'm discriminated against all the time. I don't care. It doesn't bother me. [I'm discriminated against] because I'm old. I'm too old to get a job as a game show host. They say, well, the guy's 71 and in five years he'll be 76. And I'm a one per center, and I'm absolutely discriminated against as a one per center.
Anybody who has been discriminated against, who comes from a group that's been discriminated against, knows what it's like.
By incentivizing Wall Street players to sniff out inefficient or corrupt companies and bet against them, short-selling acts as a sort of policing system; legal short-sellers have been instrumental in helping expose firms like Enron and WorldCom.
Kids coming from very difficult economic circumstances in urban areas are in some ways discriminated against in ways that are similar to the way people with intellectual disabilities are discriminated against. People are afraid of them. People sometimes assume that they don't have skills, gifts or abilities to contribute.
Those labeled felons may be denied the right to vote, are automatically excluded from juries, and may be legally discriminated against in employment, housing, access to education, public benefits, much like their grandparents or great grandparents may have been discriminated against during the Jim Crow era.
My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward over time-as the saying goes, stocks are for the long run.
While short sellers probably will never be popular on Wall Street, they often are the ones wearing the white hats when it comes to looking for and identifying the bad guys!
I was discriminated against because I was Jewish, Italian, black and Puerto Rican. But maybe the worst prejudice I experienced was against the poor. I grew up on welfare and often had to move in the middle of the night because we couldn't pay the rent.
Allowing short selling is allowing people to sell - instead of having to buy the stock and then sell it, which doesn't do much; allow them to sell it, and then buy it. In which case they can express that information and the idea is that you would get more accurate valuation of companies by letting people express both their positive information and their negative information through either long or short selling.
The only useful information about the market will be what I create through expeditions into the market, through testing and probing, trial and error, by selling real products to real people who pay real money.
I love film and, particularly, shorts. You don't get to see them often, and they're a great little form, like a short story.
People vastly overestimate the ability of central planners to improve on the independent action of diverse individuals. What I've learned watching regulators is that they almost always make things worse. If regulators did nothing, the self-correcting mechanisms of the market would mitigate most problems with more finesse. And less cost.
Any translation which intends to perform a transmitting function cannot transmit anything but information-hence, something inessential. This is the hallmark of bad translations.
Competition on the market aims at assigning to every individual that function in the social system in which he can render to all his fellow men the most valuable of the services he is able to perform.
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