Michael Porter takes issue with short term stock trading strategies
This one is dedicated to all the John Bogle fans….
(H/T Can Turtles Fly Blog For Finding this)
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Article Introduction (via Glob & Mail)
The short-term thinking of corporate executives and investors has turned the stock market into a tax on the real economy, management guru Michael Porter told a Toronto audience Friday.
Players in financial markets are rewarded for trading stocks and facilitating mergers and acquisitions, the Harvard business professor said, not for creating any real value. That has contributed to the business community’s poor image, which has been eroded further by the financial meltdown.
Additional Excerpts (via Globe & Mail)
With so much focus on the immediate value of stocks, and the resulting costs from short-term trading in and out of individual company shares, “the stock market now is a tax on the real economy,” he said.
“The financial sector is extracting value from the rest of the economy [through] fees, costs and expenses.”
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