, Columnist
Moderna Fiasco Shows Power of Stock Market Narratives
The Moderna vaccine debacle exemplifies our need for narratives in an uncertain world.
And the market lived happily ever after.
Photographer: Jacobsen/Archive Photos/Getty Images
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Markets run on narratives. That is because trading in them is ultimately determined by humans, who find it far easier to think in terms of stories than anything else. Express the case for a stock as a series of numbers and it won't connect; knit them together into a story and you have a chance of making the sale.