We are so used to our surroundings that we do not appear to notice that the equity market has gradually lost its original function and turned into a non-scientific and highly unnatural bogus arrangement. It is of benefit only to the parasites being advisors and calling themselves “the market”. I confess to being a low-life parasite.
At the outset, entrepreneurs met investors in one-off arrangements. This worked well when a voyage to east India was being financed but it becomes unsuitable for long-term ventures like an on-going enterprise. The equity markets turned into stock exchanges and is now a digital and global animal. Along the way, the markets switched its focus from financing to the trading of shares in large companies, entities that does not need financing.
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