Are markets rational or is sentiment contagious? (with Alex Imas)

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About this episode

Read the full transcript here. • Are stock prices set by cash flows or crowd vibes? Why do bubbles last if “smart money” can short them? What should retail traders learn from GameStop and zero-commission options? When does momentum make sense - and when does it burn you? Why don’t obvious mispricings get fixed - what actually stops arbitrage? Will AI help us think clearer, or supercharge manipulation and personalized pricing? Where should regulators draw the line on gamified trading and price discrimination? Do tariffs feel good because they keep others out—even if we pay more? What does the "winner’s curse" mean for auctions, IPOs, and everyday deals? How much of what we want is copied…