The Long Term Stock Exchange | Michelle Greene

TED Business

TED

Business, Modupe Akinola, Ted Business Podcast, Business Leadership Podcast, Ted Talks Business, Ted Modupe, Ted Talks

4 • 1.2K Ratings

🗓️ 8 March 2021

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

What do companies get when they go public on a major stock exchange? The opportunity for anyone to invest, giving the company access to a bunch of cash that allows for huge growth. And...pressure to think in the short term. This can end up hurting their workers, the environment, and even their own long-term strategy. In this episode, a proposal for a new kind of stock exchange, that isn’t just trying to shift a few rules but is building a whole new system to incentivize thinking in the long term. How do you do that? When is it better to just fix what you already have? And will it work? After the talk, Modupe and Corey dig in.

Transcript

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0:00.0	Ted Audio Collective
0:08.0	Picture this.
0:09.0	A group of people standing at a podium, smiling, clapping in anticipation, all dressed up,
0:16.6	giggling to each other, and then the person in front pushes a button.
0:27.2	The opening bell of the New York Stock Exchange.
0:32.2	This moment means that anyone can now buy a part of their company for the first time.
0:37.2	Winning when they win, losing when they lose, and this moment gives the company access to
0:42.2	a bunch of cash that they can use to grow.
0:45.2	But it also means they've entered into a world of 10Ks, 10Qs, quarterly investor meetings,
0:51.2	having an eagle eye on their ticker symbol, tracking the day-to-day rise, and following their
0:56.2	stock price.
0:57.2	All processes that contribute to thinking in the short term and can put profit ahead of
1:02.8	doing good.
1:04.8	But today, I want to introduce you to a new kind of stock exchange, one that's trying
1:08.8	to end this focus on short term thinking, and not by shifting some processes, but by
1:14.4	building a whole new system.
1:20.6	Welcome to Ted Business, I'm Medusa Akinola, and today we're going to hear from a woman
1:25.2	named Michelle Green.
1:27.2	This summer, she spoke at a virtual Ted conference.
1:30.0	At the time, she was the president of the long-term stock exchange, or LTSC.
1:35.4	It's a stock exchange just like the New York Stock Exchange or NASDAQ, but it's structured
1:39.7	to encourage thinking for the long term.
	...

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