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HUMAN STOCK EXCHANGE
©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
SOURCE: MFS INVESTING SENTIMENT SURVEY
« I think they make investment products
overly complex to confuse the average investors. »
AGE 35- AGE 68+
40 %
45 %
©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
SOURCE: MFS INVESTING SENTIMENT SURVEY
« I will never feel comfortable investing
in the stock market. »
Nov. 13
AGE 35- AGE 68+
23 %
46 %
©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
-35 35-44 45-54 55-64 65-74 75+
20,2 %
19,1 %
21,3 %
18,6 %
17 %
13,7 %
Direct holding by age group
in the US
SOURCE: US BUREAU, STATISTICAL ABSTRACT. FACTA MEDIA.
©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
SOURCE: US BUREAU, STATISTICAL ABSTRACT. FACTA MEDIA.
Evolution of direct or indirect holding
by age group in the US
1989 1992 1995 1998 2001 2004 2007
60%
50%
40%
30%
55%
45%
35%
25%
ALL AGES
<35
“Within a firm, these market
transactions are eliminated and in place
of the complicated market structure with
exchange transactions is substituted
the entrepreneur-co-ordinator,
who directs production.”
Ronald Coase
1910-2013. The Nature of the firm (1937).
©AP
Relative valuation of Instagram
In April 2012,
Instagram was sold to Facebook
for $1 billion.
Instagram In April 2012, Kodak
had a market cap
of $77 million.
Kodak
#employees: 13
# of years: 1,5
#employees: 17 000
# of years: 131
©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
billioninvested(in$)
2009 2010 2011 2012 2013
5,1
2,7
1,5
0,85
0,53
The crowdfunding
SOURCE: MASSOLUTION
BOOM
©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
©Dargaud.HumanStockExchange
1997 1998 1999 2000 2001 2002 2003 2005 2007 20092004 2006 2008 2010 2011 2012 2013 2014
> DAVID BOWIE
$55 million • life: 10 years
Credit rating AAA by Moody’s
> HOLLAND-DOZIER-HOLLAND
$30 million • Issue date: 1998
life: 15 years
> JAMES BROWN
$26 million • Issue date: 1999
Credit rating: single "A"
lawsuit when he died
> IRON MAIDEN
$30 million • Issue date: 1999
life: 10 years
> ROD STEWART
$15.4 million • Issue date: 1998

life: 10 years
> ANNIE LEIBOVITZ
$24 million • Issue date: 2008
Lawsuit in 2009
> VERNON DAVIS
421,000 shares • $10 each
Issue date: April 28 2014 • 10% cut of Davis'
future earnings
> DYLAN AND NEIL DIAMOND
2011: cancelled
©GettyImages@Fantex
“The purchase of such ‘stock’
would be profitable as long as
the expected return on investment
in training exceeded the market
rate of interest.”
Milton Friedman & Simon Kuznets
1954	
  -­‐	
  Income	
  from	
  Independent	
  Professional	
  Prac7ce
©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
Nicholas Felton
infographic designer, co-founder of Daytum.com and
publishing its own annual reports since 2005
©StaticPhotography
Back the
next generation.
SOURCE: PAVE.COM
7tips to succeed your self IPO
©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
©J.ScottApplewhite/AP
©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
©PeteSouzaWhiteHouse
©SpencerTunick,Munich6.2(BayerischeStaatsoper),2012

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The Human Stock Exchange: a TedxAix talk

  • 2. SOURCE: MFS INVESTING SENTIMENT SURVEY « I think they make investment products overly complex to confuse the average investors. » AGE 35- AGE 68+ 40 % 45 % ©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
  • 3. SOURCE: MFS INVESTING SENTIMENT SURVEY « I will never feel comfortable investing in the stock market. » Nov. 13 AGE 35- AGE 68+ 23 % 46 % ©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
  • 4. -35 35-44 45-54 55-64 65-74 75+ 20,2 % 19,1 % 21,3 % 18,6 % 17 % 13,7 % Direct holding by age group in the US SOURCE: US BUREAU, STATISTICAL ABSTRACT. FACTA MEDIA. ©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
  • 5. SOURCE: US BUREAU, STATISTICAL ABSTRACT. FACTA MEDIA. Evolution of direct or indirect holding by age group in the US 1989 1992 1995 1998 2001 2004 2007 60% 50% 40% 30% 55% 45% 35% 25% ALL AGES <35
  • 6. “Within a firm, these market transactions are eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-co-ordinator, who directs production.” Ronald Coase 1910-2013. The Nature of the firm (1937). ©AP
  • 7. Relative valuation of Instagram In April 2012, Instagram was sold to Facebook for $1 billion. Instagram In April 2012, Kodak had a market cap of $77 million. Kodak #employees: 13 # of years: 1,5 #employees: 17 000 # of years: 131 ©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
  • 8. billioninvested(in$) 2009 2010 2011 2012 2013 5,1 2,7 1,5 0,85 0,53 The crowdfunding SOURCE: MASSOLUTION BOOM ©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
  • 10. 1997 1998 1999 2000 2001 2002 2003 2005 2007 20092004 2006 2008 2010 2011 2012 2013 2014 > DAVID BOWIE $55 million • life: 10 years Credit rating AAA by Moody’s > HOLLAND-DOZIER-HOLLAND $30 million • Issue date: 1998 life: 15 years > JAMES BROWN $26 million • Issue date: 1999 Credit rating: single "A" lawsuit when he died > IRON MAIDEN $30 million • Issue date: 1999 life: 10 years > ROD STEWART $15.4 million • Issue date: 1998
 life: 10 years > ANNIE LEIBOVITZ $24 million • Issue date: 2008 Lawsuit in 2009 > VERNON DAVIS 421,000 shares • $10 each Issue date: April 28 2014 • 10% cut of Davis' future earnings > DYLAN AND NEIL DIAMOND 2011: cancelled
  • 12. “The purchase of such ‘stock’ would be profitable as long as the expected return on investment in training exceeded the market rate of interest.” Milton Friedman & Simon Kuznets 1954  -­‐  Income  from  Independent  Professional  Prac7ce ©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.
  • 13. Nicholas Felton infographic designer, co-founder of Daytum.com and publishing its own annual reports since 2005 ©StaticPhotography
  • 15. 7tips to succeed your self IPO ©PelhamMediaLtd.LaetitiaPuyfaucher’stalkatTedxAix.May92014.