John C. Coffee Jr. Stop the Game!: How To Chill Bubbles Sensibly
In this edition of his Corporate Securities column, John C. Coffee Jr. discusses issues stemming from the recent GameStop stock frenzy. He writes: Bubbles are bad; GameStop was a bubble; and the influences that caused it (which were indeed new and novel) need to be chilled. But how you chill a bubble is not a simple question.
March 17, 2021 at 12:45 PM
11 minute read
Much of the excited journalism on GameStop has focused on its asserted "Democratization" of the markets or the new "populism" sweeping Wall Street. This sort of commentary is the product of journalists being on tight publication deadlines and willing to generalize based on a data sample of one. Those of us who take a longer-term view see it differently: Bubbles are bad; GameStop was a bubble; and the influences that caused it (which were indeed new and novel) need to be chilled. Those who disagree with the last sentence should probably stop reading here.
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