The stock market’s self-important claim to be the financial engine of growth was always overstated; now it is downright laughable. Since 2000, less than three cents of every dollar traded on the TSX has gone toward actually raising new money for investments. Since July, 2000, the TSX has presided over the disappearance of $500-billion in shareholder value, and the delisting of 500 companies. The stock market now looks more like the superintendent of corporate demolition than the midwife of growth.
(also from today’s Globe and Mail)
That’s just one of many reasons why I wouldn’t play the stock market, even if I had money.
But that 3 cents figure is just mind-blowing.