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Individual investors were changing their habits as well. Rather than try to select stocks for their portfolios themselves, they were piling into mutual funds. Ratings of funds by a new firm called Morningstar became hugely influential. Money would flow into the Morningstar 4s and 5s, and typically the managers of those funds would use these inflows to buy more of the same stocks they already owned, pushing the prices still higher. So much for the conventional wisdom “Buy low, sell high.” The new wisdom was to join the parade and buy what’s “moooving.”
The Stoic Capitalist
Robert Rosenkranz
It’s important to point out that not all of Apple’s default apps exist to increase value capture. That might be true for Apple News, Apple Arcade and Apple Fitness, but clearly not for apps like Maps or Health. So why do those exist?
Some of them add stickiness and switching costs to the iOS platform. iMessage, for example, creates network effects that make it harder for users to switch to a competing OS layer like Android.
The Power of Defaults
julian.digital
Live 360s work because of our high talent density and “no brilliant jerks” policy. If your employees are immature, have bad attitudes, or lack the self-confidence to show public vulnerability, you might not be ready to run these events. And even if you’re in a state of perfect readiness, you’ll need a strong moderator who makes sure all feedback falls within the 4A framework and steps in if someone says anything out of line.
No Rules Rules
Reed Hastings, Erin Meyer
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