Why Wall Street Will Never Be the Same

By Todd Harrison  SEP 16, 2008 1:45 PM

We're experiencing seismic shifts in the markets.


Two years ago, I wrote a column called The State of the Art. It discussed the evolution of Wall Street and the likely path it would follow. I pulled it up last night and its a bit frightening how prescient it was. 

Twas early but, well, that's how we roll in these parts.

A new world order is upon us. A seismic shift. An inside out process that is redefining the brokerage intermediary. 

There are two ways we can react to this--run from it or embrace it. It's happening either way and the onus is on us to adapt.

The greatest opportunities are bred from the biggest obstacles. The world will look vastly different when we pass through this period but that's the way the world works. From pain will come pleasure, not for all but most certainly for some.

If you look back at the Great Depression, a multitude of multi-billion dollar corporations found their footing. 

Minyanville's Why Wall Street Will Never Be the Same Disney (DIS) built a global brand throughout that period.

Hewlett-Packard (HPQ) was born on the back-end.

Fannie Mae (FNM)... well, forget Fannie but you get the point.

I'm not a bandwagon guy and I won't pile on to the doom and gloom at these levels. Our foresight was well documented and there are no "victory laps" in this market. 

And I won't presume that something "entirely more depressing than a recession" is a foregone conclusion, although social mood is seemingly shifting in that direction.

Remember, the stock market crash didn't cause the Great Depression--the Great Depression caused the stock market crash. I offer this as a reminder rather than a prediction and with the best interest of ye faithful in mind.

But alas, I digress--this is actually a positive post, a call to arms for Minyans everywhere to see what is happening and prepare for it in kind. 

When we discuss societal acrimony, we often say that if you're not part of the solution, you're part of the problem.

When it comes to the future face of finance, the same dynamic will again prove true.

May peace be with you.


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No positions in stocks mentioned.

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

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