Matt Levine, Columnist

Long-Termism, Weather and Risk

Also ThankYou, thanks, gloves, Gawker, lunch, books and unicorns.

June 13, 2016 at 1:16 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Long-term exchange.

It's a little weird that corporate governance standards should be set by stock exchanges. A stock exchange is a place -- or a computer -- for people to get together and trade stocks. A good stock exchange has fast computers and good rules for trading stocks. Separately, a good stock exchange might trade only good stocks, but in modern markets there is no real conceptual connection between those things. I could just write down a List of Good Stocks, and decide only to buy those stocks, and not care which exchange I buy them on.