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Financial markets thrive on diversity, with numerous investors determining prices that reflect companies’ fundamentals. Trends toward concentration in asset management and passive index investing may be detracting from optimal market functioning, necessitating government action to encourage smaller players and restore a healthy balance.
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What do you do when your stock becomes an inflated joke? Heck, what can you do? This is the question several companies have pondered over the past few weeks, as a social-media-driven trading frenzy propelled struggling stocks to implausible highs. The epitome of the trading fever was GameStop, the past-its-prime video game chain whose stock, which was trading as low as $10 in September 2020, hit $347 on January 27, 2021, courtesy in part, of a tweet by influencer and richest human on Earth Elon Musk; as of February 8, the stock’s price had plummeted to $66 – less impressive, but still w...