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Pastimes : CNBC -- critique.
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To: Ted David who wrote (1343)8/8/1998 6:27:00 PM
From: capitalistbeatnik  Read Replies (1) of 17683
 
Ted, can I ask you something since you took the course: why bother pumping it on air if these guys can't beat the market? I read McKay's book on Extraordinarily Popular Delusions and the madness of crowds, and while I find alchemy fascinating, I see no reason to go out and promote it.

The FDA requires any drug in the US to have demonstrated efficacy. Why does CNBC waste so much time with nonefficacious information? The cynical answer is that portfolio churning is good for viewership and your sponsors.
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