Author: Nick Pagano
Topics: Industry Ideas
The words to the famous Bob Dylan song (c. 1964) were ringing in my head the other day as I walked into a mass exodus of high school students. Needless to say they all looked young, but my other observation was that literally everyone I saw had a cell phone in their hand as they exited the building.
In light of Jeff Ivory’s recent work as it relates to the changes in technology and its impact on financial infrastructure, I thought that I am seeing it right in front of me. In addition, there is a movement now to allow texting during movies - the reason is that some people can’t be without their cell phones for two hours. The ramifications are numerous.
How is this generation going to learn communication skills other than texting? There is now actually a website devoted to cell phone addiction.
In a minute (or seconds) you can Google diversification strategies and investment returns on your phone, how does the financial services industry plan to add value?
With all this data available, how do we apply it? I heard recently the distinction between knowledge and wisdom - knowledge (data) is knowing that tomato is a fruit; wisdom is knowing not to include it in a fruit salad.
In closing, it seems to me that over time that anytime there was a small repository of data or knowledge those that held it had some level of control - that is just not true anymore. It used to be all knowledge was housed in a library - not anymore; all stock sales went through a broker - not anymore; all telephone calls went through an operator - not anymore. In my view, the key is not just having the data, but knowing what to do with it.
This commentary on this website reflects the personal opinions, viewpoints and analyses of the Gainplan LLC employees providing such comments, and should not be regarded as a description of advisory services provided by Gainplan LLC or performance returns of any Gainplan LLC Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Gainplan LLC manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.