专栏凯恩斯

Beauty in markets is best judged by the beholder

Whenever performance is measured relative to a comparison group, there is pressure to conform. Do not express opinions that deviate too far from the norm. Submit your research to peer review. Wear the clothes and appreciate the music that people of your age group wear and like. If you do not, you may well be wrong – there is certainly some wisdom in crowds. Even if you are right, the crowd is where your friends are.

What is worth studying, or worth hearing, is subject to objective criteria independent of current fashion. But what is cool, or valuable, is determined only by the views of others. So markets are subject to the vagaries of fashion even more than scholarship and popular opinion, which are subject to it more than enough.

John Maynard Keynes famously likened the processes of stock exchanges to a newspaper beauty contest. The objective was not to choose the most beautiful face but to choose the oneyou thought others would find most beautiful.

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约翰•凯

约翰•凯(John Kay)从1995年开始为英国《金融时报》撰写manbetx20客户端下载 和商业的专栏。他曾经任教于伦敦商学院和牛津大学。目前他在伦敦manbetx20客户端下载 学院担任访问学者。他有着非常辉煌的从商经历,曾经创办和壮大了一家咨询公司,然后将其转售。约翰•凯著述甚丰,其中包括《企业成功的基础》(Foundations of Corporate Success, 1993)、《市场的真相》(The Truth about Markets, 2003)和近期的《金融投资指南》(The Long and the Short of It: finance and investment for normally intelligent people who are not in the industry)。

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