Key Highlights

[00:01 – 07:00] Opening Segment

• From Wall Street Trader to Financial Journalist: Spencer Jacob’s Journey
• How he learned about finance and got a job in emerging markets
• Introducing The Revolution That Wasn’t

[07:01 – 13:40] Examining the GameStop Revolution

• How the pandemic provided Spencer an excellent opportunity to start a side project
• The genesis of the book
• The GameStop stock surge
• The initial headlines about the GameStop surge

[13:41 – 20:37] Exploring the ‘Meme Stock’ Phenomenon

• The story about meme stocks
• Meme stocks went way beyond their fundamental value
• Examining the meme stock squeeze
• Short selling is a legitimate practice where people bet against stocks without owning them

[20:38 – 27:44] Wall Street: Not a Casino, But a Place to Build Wealth

• Young Reddit traders made money, but they were net contributors to already rich people
• Wall Street is mainly made up of intermediaries who are not taking risks with their own money
• Wall Street is not a casino, but it can be marketed as one
• The correlation between the level of activity and returns

[27:45 – 35:01] The Revolution That Wasn’t

• Trading used to be expensive, but technological change has democratized finance
• The “zero price effect.”
• People consume more of something when it is free
• The pandemic caused record volatility in the stock market, leading to an increase in trading activity

[35:02 – 42:16] The Missed Opportunity

• From the bear market low to one year after, 96% of American stocks rose
• Stocks that were popular in Robinhood did better than more established stocks
• The credibility of older, wiser investors vs. the success of younger, social media-savvy investors
• The gamification of investing

[42:17 – 52:20] Closing Segment

• How to beat Wall Street and participate without playing the game
• Technology has lowered the cost of investing, allowing for more market participants
• Wall Street can be a place to build wealth over the decades with the right approach.

Additional Links:

Brian’s Linkedin: https://www.linkedin.com/in/brian-c-adams/