This week has been one of the most interesting in my career. We’ve seen a spectacular standoff between the grassroots investor group r/WallStreetBets and hedge fund short sellers... and we’ve seen the swift and rather heavy-handed response of the financial establishment.
In one of this week’s Over My Shoulder issues, music industry lawyer and blogger Bob Lefsetz comments on the showdown. He claims the same digital disruption that struck his business has reached Wall Street.
His take: Ultimately, the disruptors will win...
“Disruption happens when the people get ahead of the institutions. And the new game is always more equitable for the masses, whereas the old game saw concentration of capital within a very few. So, Wall Street, making money on the internet, didn’t see that the internet would be its downfall.”
If he’s right, the implications are huge.
This also shows you how timely our Over My Shoulder contributors are in their commentary. And I should note that this also tells you about the breadth of what I read and what eventually shows up in Over My Shoulder. I mean, who reads newsletters from music lawyers for tech/social insights? You could say that about a lot of what I read. But you get the benefit of the best and most important from what I read
