If investors complained about Wall Street in Schwed's day, they're howling now. You can see the distrust in deeply skeptical regulators, highly critical pop culture (TheBigShort book and movie, and Showtime's Billions series) and voluble protest movements (Occupy Wall Street and Bernie Sanders' presidential campaign). Since Schwed's time the definition of Wall Streethasbroadenedto include asset management, an industry that has inspired its fair share of criticism for overcharging and underdeliv-ering. We have to admit that such strong reactions, though often based on misconceptions and exaggerated facts, are not wholly undeserved, leaving the asset management industry vulnerableto disruption.
展开▼
