segunda-feira, 12 de janeiro de 2009

O mercado real (dos investimentos) e o mercado das expectativas (da especulação)

“In the Real Market of business, real companies spend real money and hire real people and invest in real capital equipment, to make real products and provide real services. If they compete with real skill, they earn real profits, out of which they pay real dividends. But to do so demands real strategy, real determination, and real capital expenditures, to say nothing of requiring real innovation and real foresight.
In the Expectations Market, by contrast, prices are set, not by the realities of business just described, but by the expectations of investors. Crucially, these expectations are set by numbers, numbers that are to an important extent the product of what our managements want them to be, too easily managed, manipulated, and defined in multiple ways. What is more, we not only allow but seemingly encourage chief executives, whose real job is to build real corporate value, to bet in the expectations market, where their stock options are priced and exercised."

Roger Martin, (dean na Rotman School of Business, Universidade de Toronto)

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