Quit Being a Cynic at Work. It’s Holding You Back. - Kanebridge News
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Quit Being a Cynic at Work. It’s Holding You Back.

There are ways to fight the tendency to see the worst in everyone

By RACHEL FEINTZEIG
Mon, Jun 17, 2024 3:35pmGrey Clock 4 min

We don’t want to be friends with our co-workers . We don’t want to help out with that project. We don’t trust the CEO…or our boss…or that guy in accounting.

Have we taken our cynicism at work too far?

In some ways, our bad attitude makes sense. Many of us made work our church, only to end up laid off , burned out or underpaid. Now we check out, do less, gossip and snark.

It isn’t getting us anywhere good, according to Jamil Zaki , a Stanford University psychology professor who runs the school’s social neuroscience lab.

“Cynicism, if it were a pill, would really be a poison,” he says.

Zaki has spent years researching sunny concepts such as empathy and compassion. One of his studies, for example, found that giving away money activates a similar part of the brain as eating chocolate. His forthcoming book, “Hope for Cynics,” explores the rise of our darker sides, our belief that other people are selfish, greedy and dishonest.

Betrayed once, we practice what Zaki calls “pre-disappointment,” always assuming others will let us down. The mindset feels productive and cunning, like we’ll be able to protect ourselves. But Zaki says it can actually stunt our careers in the long run, and hurt our mental and physical health.

“By never trusting, cynics never lose,” he writes. “They also never win.”

He assures that you don’t have to become the company cheerleader, or even an optimist, to grow your faith in other people. You do have to take a chance on them, examining your own assumptions and suspending your conviction that you already know how this is going to turn out (not well).

While the approach might initially seem blasphemous to the more negative, sarcastic and skeptical among us—like, say, me—anyone can become less cynical , he says.

You might even find you like it.

How we got here

Once upon a time, Americans were less cynical, Zaki says. A longstanding survey from research organisation NORC at the University of Chicago, which has examined American attitudes since 1972, shows we used to trust each other more. Around the middle of the last century, many hummed along on the rosy glow of plum benefits, robust job security and the knowledge that the chief executive was making, say, 20 times a worker’s pay, instead of 200.

It isn’t that we never complained about work, but Zaki says we repaid our companies’ loyalty with commitment, as part of an unspoken covenant.

Today, that employee-employer pact can feel like a relic of a bygone era. Workers have swapped pensions and equity in their companies for more meagre benefits that put the risk and onus on individuals. Instead of reporting to paternalistic employers, many people now operate under tenuous contracts and gig work.

Some of us work from home in isolation or spend lonely days in the office trapped on back-to-back video calls. There’s less chitchat, less interaction.

“We don’t like people when they’re abstracted,” Zaki says, “but we love people who we actually know.”

Zaki understands why, given all this, we might scoff at the notion that our company is a family, or roll our eyes at the prospect of joining in forced fun at the office happy hour.

Sometimes, I suspect, we also adopt a toughness because we don’t want to look like we’re trying too hard, only to fail or be rejected. Maybe it stems from perfectionism , or anxiety , or insecurity after being exposed to everyone else’s highlight reel on social media for the past 15 years.

Fighting our own worst tendencies

It might seem like all the office snakes are scaling the ladder, but Zaki says studies show cynics’ earnings and leadership potential level off with time. To do good work and attain success, you have to build alliances and share information. Translation: You have to trust someone.

Cynics are prone to poor health, from depression to heart disease, he says, adding that at an organizational level, cynicism can lead to pervasive backstabbing, higher turnover and even corporate corruption.

Cynicism is also a self-fulfilling prophecy, he says. People often mirror how we treat them. Micromanage your team—surveilling them and wresting away their ability to make decisions—and they’ll become the slackers you think they are, doing the bare minimum and buying mouse jigglers to mask time away from their home computers.

“Cynics tell a story full of villains and end up living in it,” he writes.

Resisting cynicism’s pull starts with being open-minded. Examine the data of your life like a scientist would, he says, instead of jumping to conclusions, positive or negative. Think everyone at your job is out for themselves? Ask 10 colleagues for a favour, and see if anyone agrees to help. Convinced every conversation with a co-worker will be painful? Spend a day rating your interactions with them on a scale from 1 to 10.

Challenging your assumptions will leave you pleasantly surprised, Zaki promises, because people often rise to the occasion when we let them. You can start by doling out what you hope to receive. Try engaging in “positive gossip,” speaking highly of others. Take a leap of faith in someone, and do it obviously.

“I trust you,” a manager might say to her direct report. “I really think you can do this.”

Calibrating our hope

Could all this make us too soft? Rejecting cynicism doesn’t mean you can’t hold workers to high standards, Zaki says. Just don’t pit them against each other, with practices like stack rankings, where collaboration is discouraged as workers try to claw above each other on a scoreboard.

Your humor can still be irreverent, even biting, he adds, but jokes should ultimately bring people together or improve something.

“Snark, in the absence of any hope, kind of curdles,” he says.

And don’t be blindly optimistic, he adds. If leadership isn’t giving you any reason to have faith in them, don’t. Find another group to trust—maybe your small team or a union. Band together to provide a buffer to the daily stress of working in your organisation, or enact change by fighting for something better.

“We often underestimate how much influence we have,” he says. “Own that power.”



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Wall Street’s hottest momentum trade has reversed sharply, as former winners tumble and heavily shorted stocks surge.

By Gregory Zuckerman and Gunjan Banerji
Mon, Aug 31, 2026 3 min

Wall Street’s hottest trade has gone ice cold.

For years, it paid off to buy stocks that were rising in price—and bet against struggling shares. The momentum trade was especially profitable this year, as investors piled into hot stocks including Micron TechnologyNvidiaAdvanced Micro Devices and other artificial-intelligence darlings while wagering against those likely to be hurt by the embrace of AI.

The S&P 500 Momentum Index soared 44% in the second quarter, its best quarterly performance on record, and it surged 133% over the past five years, nearly double the broad market’s performance.

Mega funds and rookie investors alike piled into the trade, some using leverage and options contracts in an effort to amplify their returns, propelling the underlying shares higher.

“It is a self-fulfilling prophecy,” said Matthew Tym, managing director at Cantor Fitzgerald, of the trade.

Suddenly, the trade is a loser. The momentum index has tumbled more than 9% since July 1, lagging behind the S&P 500’s 2.8% gain. The index—which tracks stocks in the S&P 500 based on a “momentum score”—is on track for the biggest quarterly underperformance in 25 years. July was the second-worst month for the momentum trade in around 40 years, according to Bank of America estimates; the only month worse was April 2009, in the teeth of the global financial crisis.

Hedge funds that bought momentum shares while shorting low-momentum stocks suffered even more. At the same time, a basket of the most popular stocks held by hedge funds tracked by Goldman Sachs recorded its biggest one-month underperformance in July relative to the S&P 500 in more than 20 years, according to the bank’s analysts.

Momentum trading is based on a rather simple observation: Investments that go up tend to keep outperforming; those that underperform often remain laggards. This kind of trading might seem too simple a stock-picking strategy to work. Yet it often has.

“For decades, it didn’t take a lot of sophistication to run a momentum strategy and make a decent living at it,” says Agustin Lebron, senior researcher at EquiLibre, a trading firm.

Part of the reason: It takes a while for corporate and other information to spread to various investors, so they slowly build positions, producing buying momentum.

“A huge pension fund can’t flip around its positions in a day,” says Lebron. “Behavioral biases also account for some of the effect, as well—people tend to sell their winners too early and hold losers too long.”

Fans of the strategy point to the human tendency to extrapolate from past results—and chase investment returns—noting that momentum patterns have been evident in markets for decades, even centuries. They also say that some of the worst months for momentum strategies are during longer periods of outperformance.

Some have been doing the trade by buying the strongest investments in a sector while shorting the weakest; others lean in to rising markets or asset classes. Still others use a quantitative approach or turn to banks or others who sell ways to make distinct wagers on momentum as a “tradable factor” or a “thematic basket.”

The fans remain believers. “Any strategy has disappointing periods,” says Antti Ilmanen, global co-head of the portfolio solutions group at AQR Capital Management.

The surge in Moderna and other biotech stocks helped crush the momentum trade. These shares were among the most heavily shorted in recent years, but positive news on a cancer vaccine from Moderna and Merck sent those stocks flying, crushing some quant and other hedge funds. Moderna is up around 150% so far this month.

These traders had an especially rough day on Aug. 19, which Goldman Sachs told its clients was the worst day for “systematic long-short managers” in more than two years. About half of the losses were because of momentum trades, the bank said.

Some traders have begun to short, or bet against, the very stocks that propelled the momentum trade earlier this year. Net short positions in futures tied to the Nasdaq-100 index among speculators recently climbed to some of the highest levels of the past two decades, according to data from the Commodity Futures Trading Commission.

The about-face is a sign of how markets have become more treacherous for investors, even as indexes keep climbing. Part of the issue: the recent meltdown of Situational Awareness, a hedge fund that had piled into some of the most popular momentum shares, including chip stocks. After a period of market tumult, Nvidia shares rocketed almost 9% after its earnings, showing how quickly sentiment can shift.

Some investors say the run-up in share prices driving tech stocks higher reminds them at times of the dot-com frenzy decades ago.

Mike Ogborne, the founder of San Francisco-based Ogborne Capital Management, said he has grown more cautious on technology stocks and is keeping more of his portfolio in cash than he typically does.

And he is nervous about the surge in spending by technology giants and quarterly capital expenditures that keep rising.

“It is a little bit like Cinderella and the clock striking midnight. You don’t know when midnight is going to come around,” Ogborne said. “They don’t send a memo around telling you when the capex cycle is over.”