The state of capital market structures

The NZ equity market identifies as a bond market. It returns as much capital as possible. (Image: Getty)

Sat, 14 Sep 2024

To me, market structure is a "long-range" of thinking about how things change over time. I have talked ad nauseam about how the S&P 500 is amazing and virtually impossible for an active investor to beat. It doesn’t miss anything, scooping up Nvidia on the fly and pushing Nike, Disney and Starbucks down the index as they struggle. Go back a few decades, and it was all about AT&T, GE, and IBM; today, it is not so much.The S&P 500 doesn’t actually do the work. The individual participants – you, me,...

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