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68 Brook. L. Rev. 407 (2002-2003)
The Investor Confidence Game

handle is hein.journals/brklr68 and id is 417 raw text is: Brooklyn Law
Review
Volume 68                     2002                   Number 2
THE NINTH ANNUAL
ABRAHAM L. POMERANTZ LECTURE
THE INVESTOR CONFIDENCE GAME*
Lynn A. Stout'
Confidence (n) 1: faith, trust
WEBSTER'S NEW COLLEGIATE DICTIONARY (1980)
I have a nest egg. At least, I believe I have a nest egg. I
believe this because each quarter, I receive statements in the
mail that assert that I own shares in several corporations and
that these shares have value. I do not know where or how these
statements were generated, nor do I know who created them or
through whose hands they have passed. I have never seen the
stock certificates my financial statements assure me I own,
© 2002 Lynn A. Stout. All Rights Reserved.
Professor of Law, University of California at Los Angeles School of Law. An
earlier version of this essay was given as a speech on April 25, 2002, at the Brooklyn
Law School; I would like to thank those in attendance for their helpful comments and
questions. I am also indebted to Stephen Bainbridge, Stuart Banner, Steve Choi,
Tamar Frankel, Bill Klein, Lynn Lopucki, Martin Mayer, Douglas Olin, Frank Partnoy,
Norman Poser and Roberta Romano for their insights and suggestions.

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