This is Motleyful Answers. I'm Alison Southwick, joined as always by Robert Super Bro Champion BroCamp.

In this week's episode, Morgan Housel is back to talk about how you should feel about GameStop, Bezos stepping down.

And what about that stock market? It just keeps going up.

If the name isn't familiar to our newer listeners, trust me, you'll love him as much as we do.

All that and more on this week's episode of Molly Full Answers.

So, bro, what's up?

Well, Allison, I got three things for you.

Number one, happy birthday NASDAQ.

So yesterday marked the 50th birthday of the National Association of Securities Dealers' automated quotations, now known officially as the NASDAQ. Up until February 8th, 1971, most trading was done in person on trading floors. For stocks that weren't listed on the exchanges, trades were done between dealers in a system

that came to known as over-the-counter. Prices for these OTC stocks were published and distributed

on reddish pieces of paper. So they became known as the pink sheets. Pink sheets that still term used for

these OTC stocks, although it's not all electronic. But even though these prices came on the pink sheets,

in practice, the brokers basically had to place phone calls to other brokers around the

country determine the best prices. Very time consuming, very cumbersome, not much transparency.

But then came the NASDAQ, which was the world's first automated trading system.

Originally, it was actually just an electronic bulletin board shared by 500 market makers

from across the country displaying the prices of the stocks that traded over the counter.

Gordon Macklin, the president of the NASD back then, said this in a 1999 article in Traders

magazine, quote, it was an absolute miracle to be able to push a

button and pull up on the screen everyone from all over the country and all of their current

bids and offers. It was state of the art, just a huge leap forward. Coming from over the counter to

over the computer, even in its most primitive stages, was a thrilling lifetime experience, end

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