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Minyan Mailbag


Thanks for the thought--now send me some shoes!


Note: Our goal in Minyanville is to remove intimidation from the financial markets and encourage an interactive dialogue among the Minyanship. We share this next discussion with that very intent.


In Italy (and maybe all of continental Europe) there is very little interest in the stock market. While the interest level is higher today than ten years ago, it is way below the activity levels of two years ago. I think there are several reasons.

First, Europeans as a group are more interested (in my opinion of course) in quality of life over quantity of money, which leads to little desire to talk about finances. I think it is also tied to the pseudo intellectual left wing focus of most university graduates in Europe, which leads to more talk about the ballet than Cisco, even among 25 yr olds.

Second, I think the fact that most Europeans got involved for the first time near the peak probably hasn't helped much.

Finally, Italians have always been big investors in houses. Even more than Americans. It is very usual for people with very modest incomes to be home owners. Renting can be even difficult outside of Milan, Florence or Rome. It is very common for Italian families to pay the down payment on a house for kids in their early twenties.

I think Asians have a totally different view of the world. But I will leave that discussion to other more informed readers. Growing up in San Francisco and seeing the line of Chinese men in the Schwab offices is my primary data point.

I will think a bit more about minyanville per se, but I think it is more likely going forward that Americans will lose interest in financial markets (the apathy that you have talked about) before Europeans gain too much interest.


Italian Minyan Mattison Reinecke

Minyan Matt,

I agree, unfortunately, that the opposite of love (bubble) isn't hate--it's apathy--and by the time this bear finally hibernates for good, that'll be the prevailing mindset in America. It's hard to fathom for most but if excess breeds excess--and massive excess remains--it's only intuitive that the once triple digit multiples will eventually be single digit midgets. When that comes to pass, there will likely be little interest in financial television or financial websites for that matter.

So why, you ask, do we continue in our efforts to further the Minyanville mission? It'll likely be a twisty path of minxy wrath and we're hopeful that Minyanville can pave that road with a better understanding of the mechanism. A smart man once said that success is forged by viewing obstacles as opportunities and if that is true, the forthcoming confusion will breed the need for a place of refuge. The critters are here to help--and with the guidance of Minyanville's finest, we're hopeful that they come to symbolize what is right in the financial arena.




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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

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