>>1099324
I'd argue that the advent of low-cost brokerages and in particular online brokerages is equally to blame.

It used to be that getting into the markets required that you hired a stockbroker, a respected professional who from a reputation standpoint was on par with doctors, lawyers, and accountants. And while the financial merits of stockbrokers and their fees can be debated, there's no question that they served as gatekeepers and failsafes to prevent people from getting into stocks who had no business getting into stocks.

Then stockbrokers started marketing to the masses. First as scams, and later as legitimate "low cost" brokerages. Stocks for the people became a popular selling point, and every moron with a phone could have their own brokerage account -- and none of the advice or restraint that would have come from a professional broker.

Theory: Do-it-yourself stock picking started (or at least massively magnified) the wealth gap in America.

Finally, we come to the current age and current generation, who "play" stocks on their phones like it's Flappy Bird. As OP said, stock have become completely decoupled from the companies that issue them. They're just notifications on a phone screen.

Fortunately, indexing arrived on the scene not long after brokerages opened their doors to main street. John Bogle created a way to democratize the the markets while minimizing the side effects.

Ironically enough, I doubt he realized at the time what studies would later prove: he'd discovered the most efficient, most optimal way to invest for the long-term player.

Interesting stuff OP. Thanks for the post.

>>1099324

> le everyone is stupid except me meme

This is true try to make money out of it faggot.

>>1099324

t. Benjamin Graham