Jack Bogle Q&A : Index Funds : ‘We’re in the Middle of a Revolution’
▻https://www.bloomberg.com/features/2016-jack-bogle-interview
On parlait récemment d’investisseurs de long terme à la #Bourse (▻https://seenthis.net/messages/544611#message544658). Le succès des « #index_funds » (▻https://en.wikipedia.org/wiki/Index_fund) tend à prouver que tous les gestionnaires de fonds et autres #parasites n’apportent aucune valeur.
#mots du #capitalisme
The stock market has nothing—n-o-t-h-i-n-g—to do with the allocation of capital. All it means is that if you’re buying General Motors stock, say, someone else is selling it to you. Capital isn’t allocated—the ownership just changes. I may be an investor, you may be a speculator. But no capital goes anywhere. This is basically a closed system. You have new IPOs and whatnot, but they’re very small compared to this vast thing we call a market, which is now around $24 trillion. The allocation of capital? That’s just nonsense.
et sur le #laisser_faire :
The old Wall Street rule was, “If you don’t like the management, sell the stock.” The index funds can’t follow that rule, so there’s only one rule left: “If you don’t like the management, fix it.”
(bien entendu « like » ou « don’t like » correspond toujours à l’intérêt des #actionnaires)