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The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street by Justin Fox

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Chapter 15: Mike Jensen Changes his Mind About the Corporation

The argument that financial markets should always set the priorities—for corporations and for society—loses its most important champion.

On March 20, 2000, the financial weekly Barron’s ran a cover story pointing out that the dot-coms were running out of money. The article listed fifty-one Internet companies that would exhaust their cash reserves over the next twelve months—assuming revenue kept coming in and expenses kept going out at the same rate. [1] All this information was gleaned from financial reports that the corporations filed with the SEC and posted on the Internet. That is, it was already publicly available information. Yet the Barron’s article was a sensation. ...

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