Continued from part one….
After a brief discussion on the level of the market -- all three traders agreed that the market was overvalued and expensive -- the panel then took some questions from the audience.
Steinhardt - Q&A session
One of the first questions asked was:
“Could you comment on whether you think 20 years ago, it was a lot easier to make a buck that it is today?”
Steinhardt replied that he believed it had become harder to trade in the two decades preceding the interview. The market had moved away from long-term investing, instead becoming obsessed with corporate raiders and short-term earnings forecasts.
[drizzle]
“The best and brightest now know how to use all sorts of computers, which I...
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