Matt Levine, Columnist

Investors Have to Sell Stocks Too

January 10, 2019 at 4:55 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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I mean here is a simple model:

It sounds dumb when you put it like that, but here (via Tyler Cowen) is a hilarious empirical paper by Klakow Akepanidtaworn, Rick Di Mascio, Alex Imas and Lawrence Schmidt, titled “Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors,” that finds that it’s actually worse: