FIVE
THE INSANITY OF 2&20
I am a speculator. It accelerates the trend. It gets you closer to the truth faster.
—James Simons
For most of human history, the power has belonged to those who own the means of production. The owners of the fiefdom, the estate, or the factory had the ability to set the terms and conditions that governed all those who toiled for them. No matter how harsh the conditions, how low the pay, or how demeaning the work, owners could find someone willing to do it, and thus commanded the balance of power. Yet by the end of the twentieth century, the power had shifted so dramatically for a particular class of employees—corporate executives—that we devised agency theory, stock-based incentive compensation, and board governance ...
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