Well-Functioning Markets Depend on One Key Factor

Well-functioning markets depend on the transparent flow of information, which can be greatly hindered when critics are attacked not for the quality of their analysis, but simply for being skeptics. “The vilification of critics, be they short-sellers, journalists or regulators, chills the free flow of ideas and analysis – indeed, chills free speech – by making it so darn expensive,” writes David Einhorn. “If posting an analysis on a Web site or making a speech gets you an SEC investigation, why bother?”