, Columnist
Family Offices, Dentists and Quants
Also market makers, fake scams, exams, unicorn funding and so much about simple syrup.
Family offices.
The foundational story of the American financial system is one of upper-middle-class financial capitalism, in which the ideal imagined investor is a thoughtful, financially literate but non-professional small investor who, with the help of a trusted adviser, buys stock in individual companies because they have good businesses and are fairly valued. Much of what is interesting in modern financial markets comes from the fact that that story is no longer true, is indeed viewed as a laughable myth by many savvy people. Who buys individual stocks? It has become an old-timey hobby for the modestly wealthy and eccentric, like model railroading.