it goes deeper than just “investors are greedy” though. Most people making these investment decisions are doing it at the behest of other people who have handed them their saving in exchange for returns. Those people aren’t privy to the nature of how money is getting invested and why, they hire someone else for that, the investors.

The investors may be making short sighted, stupid decisions, but they’re doing it because they’re pursuing their own personal incentives, get a raise, a promotion, or just not get fired. The managers are doing the same. If they don’t do it, someone else will.

It’s not the fault or moral failing of any one individual, but a fault in the system of incentives. A failure in the fundamental structure of how we decide how investments are made, in how we accumulate capital for investment.