Mutual Funds in the Enchanted Forest
Also NSMIA, WeWork financing, Aramco’s IPO and airdrop taxes.
A thing that serious people worried about, not all that long ago, was that regular everyday investors did not have the opportunity to invest in fast-growing technology unicorns like Uber Technologies Inc. and WeWork Cos. An important historical basis of American prosperity, the worry went, was that regular people were able to invest their money in our most dynamic businesses, and thereby participate in economic growth. But in a world in which the innovative growing businesses were all private, while the big public companies mostly sat around returning cash to shareholders, ordinary people would not share the gains from innovation, which would all accrue to rich founders and venture capitalists.
The counterargument was, to exaggerate slightly, that those big fast-growing tech businesses were all scams and that ordinary investors were better off not being exposed to them.