”Markets don’t trade on truth, they trade on beauty,” Alpert said, invoking John Maynard Keynes’ theory of the stock market as a kind of beauty pageant. (For anyone who, like me, snoozed through that chapter in Econ 101, the short version is: In 1936, Keynes imagined a contest in which a newspaper ran 100 photos of faces and readers were asked to pick the six prettiest. Whichever reader picked the six most popular would win the contest. The lesson is: The best strategy isn’t to pick your own personal favorites but rather those you think other people will favor.) “If you’re trading markets, as opposed to investing, you’re focused on what other people think, what they’re likely to do,” Alpert said. “You may not think it’s good, and you may not even be sure it’s a lie, you just think that everybody else is going to think it’s good, and so you pile in with your order … When you’ve made enough money, you dump it, and that’s it, end of trade.” https://edition.cnn.com/2026/03/23/business/wall-street-markets-reaction-trump
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