Finance & economics | Buttonwood

Has social media broken the stockmarket?

That is the contention of Cliff Asness, one of the great quant investors

illustration of a black bull on an orange background, with its horns shaped like a large 'thumbs up' symbol
Illustration: Satoshi Kambayashi

Sometimes efficiency is obvious. On a production line for, say, chocolatey treats, it is a series of whirring, specialised machines busy enrobing a biscuit in caramel, covering it in chocolate, and drying, packing and stacking the product. For an office worker communicating with colleagues it probably involves email. In both cases, the process has been made more efficient by technology. Across almost all industries the story, since the industrial revolution, has been one of tech boosting efficiency.

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This article appeared in the Finance & economics section of the print edition under the headline “The mob and the machine ”

From the September 7th 2024 edition

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