I agree with this, there were inefficiencies within companies that did not get penalized because wall street was in its infancy. With the advent of computerized

I agree with this, there were inefficiencies within companies that did not get penalized because wall street was in its infancy. With the advent of computerized trading, higher levels of liquidity, more sophistication etc, earnings reports have become more important. I really do think in the 70s having a bad quarter is nowhere near the impact of having one now. I think these inefficiencies existed basically everywhere: corporations equities the bond market housing private equity basically every asset class. it was these inefficiencies that led to high quality of life for everyday people.