Michael Lewis on how the stock market is rigged.

⚡️ JUST IN: Fed hikes interest rate 25 bps ✅@futures

Before the 2000 dot-com crash, the S&P 500 jumped 12%, returning to previous highs. Investors who bet heavily on the internet’s future were right in the long term, but lost 50% of their capital over the next two years. Three separate 20% bear-market rallies kept bulls in the market until they went bankrupt. The bottom came in 2002, after all participants had been wiped out, and it took about 14 years to return to breakeven. ✅@futures

Trading is brutal because there’s nowhere to hide. If you fail, it’s on you. If you succeed, it’s on you. In most areas of life, there’s always someone or something else you can point to. Your strategy failed? You chose it. You overleveraged? You chose it. You revenge traded? You chose it. You blew the account? You did it. In a normal job, you can blame your boss. In business, you can blame your team. In life, you can blame circumstances. Trading strips all of that away. Your P&L is a mirror. ✅@futures

Meanwhile, Trump fired Powell for not cutting rates, then appointed Warsh, who now raises rates 1.5 months before midterms. ✅@futures

After returning to office, Trump made more securities trades than all Congress members combined. ✅@futures