The writer is an adjunct lecturer at William & Mary and the author of an upcoming book on confidence-driven decision-making
2021 was a year that will be long-remembered for retail investors’ flash-mobbing of “meme stocks” thanks to social media sites like Reddit and online trading platforms like Robinhood.
The rocket ship emojis and popular trends that included trading in non-fungible tokens of cartoon bored apes were manifestations of a deep-running trend towards extreme abstraction. From spacs, to cryptocurrencies, to NFTs, to Web3 and the metaverse, what investors wanted most were things that, well, were difficult to explain.
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