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Is the stock market becoming irrelevant?
Old 02-15-2011, 02:05 PM   #1
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Is the stock market becoming irrelevant?

That is the premise of this opinion piece in the nytimes.

http://www.nytimes.com/2011/02/14/op...me&ref=general

If the market is becoming irrelevant, then so will index funds based on equities. I don't have any great insight to determine if there is any truth to the writer's claim.
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Old 02-15-2011, 02:07 PM   #2
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This link requires registration to view. For those of us who don't play that game, could someone post (within fair use guidelines) a few sentences that summarize the author's opinion?
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Old 02-15-2011, 02:14 PM   #3
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This opinion piece has been pretty effectively trashed on the bogleheads' forum.

I think it is worth your while to register for the NY Times since it is one of the great news organizations in the USA. I've been registered for many years and have not received any spam or other contact from them.
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Old 02-15-2011, 02:57 PM   #4
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Quote:
Originally Posted by LOL! View Post
This opinion piece has been pretty effectively trashed on the bogleheads' forum.

I think it is worth your while to register for the NY Times since it is one of the great news organizations in the USA. I've been registered for many years and have not received any spam or other contact from them.
I'll go check it out there.
I agree with LOL! I receive no spam from the nytimes and their material is top notch.
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Old 02-15-2011, 03:22 PM   #5
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The flaw in the reasoning, the way I see it, is that they take a few examples (Facebook) and extrapolate them in completely unrealistic ways. It isn't reasonable that a handful of billionaires are going to replace the entire equity market, or even meaningful parts of it.

What you'll see is that eventually these private owners of Facebook will want to cash out, and when they do, they'll almost certainly turn to the public markets. That's what happens to most LBOs. Companies go private, and after a couple of years the investors want a return and they're back to the public markets with an IPO. I give Facebook 5 years, if they're still around by then.
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Old 02-15-2011, 09:09 PM   #6
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You can get to Felix's op-ed without registering for the NYT if you follow this link.
Why the stock market is increasingly irrelevant | Analysis & Opinion |

Click on the blue link once you get to his blog and you will bypass the NYT paywall.
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