Long-term investing in the casino that is Wall Street

Take any stock in the United States. The average time in which you hold a stock is–it’s gone up from 20 seconds to 22 seconds in the last year. Most trades are computerized. Most trades are short-term. The average foreign currency investment lasts–it’s up now to 30 seconds, up from 28 seconds last month.

This sure isn’t value investing, and it’s not even technical trading. Instead, it’s computers trading against each other trying to make a fraction of a penny per share in seconds on large volume trades. It has no basis in actual reality and is what Karl Marx rightfully called “fictitious capital,” money making money with nothing of substance backing it up.

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