Mr. Market

Dear Reader,

The stock market used to be about companies raising capital to invest in new projects. Today, it’s more of a casino.

People watch prices, not companies. In some cases, they ignore the underlying investment altogether and focus solely on prices.

Our pension funds often plough our money into the stock market without considering what the companies are actually up to.

Most trading in stocks shuffles money between investors, rather than being used for anything good in the economy.

Worse still, many venture capitalists see the stock market as their exit strategy. A way to cash out their gains by selling to the public.

The stock market has lost its soul and its true purpose.

Benjamin Graham