I think most people trading in the stock market would be pretty happy with 'second best'
I mean, I completely agree that the short term focus of the stock market destroys a great deal of the value it could be providing in it's intended role (efficiently allocate capital) - but then, I don't have good ideas how to fix that. I think that problem is way deeper and more prevalent than people being dissatisfied with being 'second best'
(though, I think, in the short term, the stock market looks awfully zero-sum, while in the long term, that doesn't seem to be the case nearly as much. Second place looks a lot better in a game that is not zero sum than in a game that is.)
I mean, I completely agree that the short term focus of the stock market destroys a great deal of the value it could be providing in it's intended role (efficiently allocate capital) - but then, I don't have good ideas how to fix that. I think that problem is way deeper and more prevalent than people being dissatisfied with being 'second best'
(though, I think, in the short term, the stock market looks awfully zero-sum, while in the long term, that doesn't seem to be the case nearly as much. Second place looks a lot better in a game that is not zero sum than in a game that is.)