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Finance as culture - by John Luttig - luttig's learnings

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Financialization (noun): the process by which financial institutions, markets, etc., increase in size and influence. In practice, what does financialization look like? We’ve all heard the institutional narrative. The US stock market has nearly tripled in the past 10 years. The FIRE sector (finance, insurance, real estate) now accounts for 20% of US GDP, versus 10% in 1947. S&P buybacks nearly doubled in the 2010s. IPOs grew 2.5x in 2020. But financialization is no longer purely institutional; it has seeped into our culture. A combination of low interest rates, a historic tech bull run, and the resulting torrent of fomo has tethered us to our monitors to watch candlestick charts. The financialization of culture has manifested in two primary ways: lottery culture and equity culture. We’ve always had lottery culture, in which people trade assets hoping to make money without understanding or conviction of their fundamental value. In the summer of 1929, for example, Joe Kennedy’s shoe shine

Finance as culture Financialization is no longer purely institutional. It has seeped into our culture. John Luttig Mar 01, 2021 94 5 3 Share Financialization (noun): the process by which financial institutions, markets, etc., increase in size and influence. In practice, what does financialization look like? We’ve all heard the institutional narrative. The US stock market has nearly tripled in the past 10 years. The FIRE sector (finance, insurance, real estate) now accounts for 20% of US GDP , versus 10% in 1947. S&P buybacks nearly doubled in the 2010s. IPOs grew 2.5x in 2020. But financializa

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