Gordon T. Long joined us today. His theory as to why the stock market keeps going up is two fold. On the one hand, stock buybacks continue to proliferate and on the other, the number of publicly traded US companies has declined by nearly half over the decades (through buy-outs, mergers and taking them private). This means more concentration, more private equity and less publicly traded companies which is bad for the country. Time to put a stop to it all.
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