How Speculation Became a Global Pastime: Howard Lindzon and Katie Perry on the Degenerate Economy
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Aug 14, 2025
Dive into the chaotic world of the 'Degenerate Economy,' where speculation meets entertainment. Discover how platforms like Robinhood and Twitter have turned trading into a modern pastime. Explore the cultural shift post-COVID, making gambling a norm for many. Delve into the rise of crypto as a new form of belief, and learn about modern vice stocks like Philip Morris and their role in this evolving landscape. This discussion uncovers the thrilling, risky dynamics of today's financial frontier.
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Speculation Democratized By Mobile
The mobile app era and products like eToro and Robinhood democratized speculative access previously reserved for the wealthy.
This lowered-cost access plus COVID stimulus accelerated retail participation in markets and crypto.
volunteer_activism ADVICE
Learn To Manage Risk
Teach people to understand and manage risk because speculation is now a universal language.
Prioritize learning risk and strategy over copying entertainers to avoid getting burned.
volunteer_activism ADVICE
Demand A Risk Score
Build or use tools that assign a transparent personal 'risk score' so users can find compatible peers and mentors.
Opt into risk-profiles on platforms to match with appropriate content and avoid mismatched influence.
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Howard is joined by Katie Perry to dive headfirst into the "Degenerate Economy", a term he coined to describe the collision of speculation, vice, free time, and mobile tech. From the sin stocks of the 1980s to Robinhood, crypto, and Zyn pouches, this conversation unpacks how financial speculation has morphed into mainstream entertainment. They explore why the post-COVID world unleashed a wave of retail trading, how platforms like Twitter and Discord are the new Wild West saloons, and what it means when money becomes religion. Plus, Howard shares his own investment thesis behind the Degenerate Economy Index, including why CME, Philip Morris, and even Bitcoin make the cut. A must-watch for anyone wondering how speculation, technology, and culture are reshaping capitalism.Join Our Community! https://stocktwits.com/Sign up for our daily FREE newsletter to keep in touch with the market: https://thedailyrip.stocktwits.com/Chapters00:00 What Is the Degenerate Economy?02:45 From Booze to Zyn: Vice Meets Technology05:00 Speculation as Entertainment08:15 Why Everyone’s a Gambler Now10:00 The Missing “Risk Score” for Investors12:00 Peak Grift and the Summer of Scammers15:00 How Speculation Went Mainstream17:00 Dotcom vs Degen: Are We in a Bubble?20:30 Crypto as the New Global Religion25:00 Building the Degenerate Economy Index27:00 Philip Morris, Zyn, and Modern Vice StocksDisclaimer:All opinions expressed on this show are solely the opinions of the hosts’ and guests’ and do not reflect the opinions of Stocktwits, Inc. or its affiliates. The hosts are not SEC or FINRA registered advisors or professionals. The content of this show is for educational and entertainment purposes only. Please consult with your financial advisor before making any investment decision. Read the full terms & conditions here: https://stocktwits.com/about/legal/terms/
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