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Never forget this graph.
Missing the 10 best days, which come after the worst days, makes you underperform.
Sure, missing the worst 10 days will make you outperform as well, but the problem is that you should have perfect timing in and out. Not just once, but then times. https://t.co/HP48H1aaSS
So, participation is risky in that sense.
W. Brian Arthur • Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium
Imposing negative interest rates is strip-mining the capital stock.
Sacha Meyers • Bitcoin Is Venice: Essays on the Past and Future of Capitalism
What Netflix and Spotify both did was dress up this obviously better consumer experience with an interface and a proposition that was (1) legal and (2) worth paying for in big chunks. And we all did.