The Law of Unintended Consequences

"There was no plan.

Historians in the future will find no evidence of a conscious or coordinated effort. The path that led to an environment so perfectly suited to one unique kind of investment strategy changed the very nature of how people thought about the enterprise itself. Yet that path, which we still appear to be on, was completely unintentional.

Active professionals had been applying increasing amounts of intelligence, money, experience, information and time to maintain their investment edge. Whatever was driving their actions, it didn't have the goal of creating an ecosystem so antithetical to their interests that it would endanger their own existence. And yet, that is exactly what happened."

Exerpted from my latest column at ThinkAdvisor