Buying a stock in the public markets is not a lifelong commitment. You can get off the bus at any moment when you don’t like the ride, generally very cheaply. The people on the bus at any moment are, by and large, the folks in society who most wanted to be there.
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Speaking of aww shucks logic: yes, moving cash reserves off the balance sheet to shareholders does magnify exposure of remaining shareholders to the business’ future prospects, including in bad times. That was a major point of the exercise.
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If you don’t want increased exposure to FooCorp, when FooCorp says “Anybody want out?”, you say yes. Or you use any of the other zillion opportunities in public equities.
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“But what if you’re too inattentive or unsophisticated to make that decision?” Then does the financial industry have a product for you! It has very many, actually, but the one you actually want is an index fund. The equity exposure you want with no decision making necessary.
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