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Financial services firms are concerned about the reaction of their brokers as robo-advising gains traction.

All that was clear was that the profits to be had from smart people making complicated bets overwhelmed anything that could be had from servicing customers, or allocating capital to productive enterprise.

His plan, in other words, was to buy high and sell low. It sounded like a great way to lose money, or possibly a Ponzi scheme.

Rising valuations gave the illusion of success. In reality, little had changed beyond investor demand, and many companies that saw their valuations rocket into the hundreds of millions or billions hadn’t shown that their basic business model could even be profitable—a rather elementary requirement for a viable business outside Silicon Valley. Inste