This is an amazing long-read by The Ringer: “It’s a Cinderella story. Mike truly is Cinderella. The money Mike made was stupid money. But it didn’t happen to him overnight. He saw this and we were in it long before all this frenzy. But now he’s set for life.”
The British had it right at one time. During the 19th century, their culture viewed stocks and securities exchange as a less than noble venture, according to the writings of Jane Austen and Charles Dickens—like how you and I look upon multi-level marketing companies today. Appropriately, the stock market was widely known then as “speculation.” A theory. A guess. An unverifiable promise or conclusion.
At some point, investment sharks (don’t call ’em bankers) hijacked the accurate description of “speculation” to mean “investments,” “stock market,” and “Wall Street”—prestigious terms that sound nothing like the conjecture they represent. Smart people made money on changes in the fickle market, giving hope to uninformed individuals, who blindly followed and still lose the majority, if not all their money, every few decades. Some are lucky. Most are not.