Capitalism is a system for generating testable hypotheses about value. Most hypotheses fail. The error isn't in failing — it's in refusing to run the experiment cheaply enough that failure remains survivable.
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It's great if you're a cancer patient, but it's not so good if you're an investor who's banking on 49% or maybe a beat, maybe an update.
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The banks were making so much money that they didn't need to change. And the customers had no other choice. It was a very stable but deeply inefficient equilibrium that only existed because there was no technology and no capital to disrupt it.
David Vélez — Invest Like the Best with Patrick O'Shaughnessy