A VERY INTERESTING PAPER
Most academic papers on finanace arnt very useful. Just read one that is:
Of the 25000 listed US companies since 1926 .....$34 Trillion in value has been created.
BUT....ALL OF THAT VALUE.
Was created by only 1000 of those 25000 companies
Thats right....4% of the companies created all the value,
The other 24000 created NO value.
Think of that .....you have a portfolio of 25 companies....only 1 will create long term value!!!!!!!!!!
The problem is....which company will be in the 4%???????????
It gets worse
Of the $34 tr