Quick. Take a look at your portfolio. Pretend that someone just told you that the stock market was going to close until January 1st, 2023. If you knew that you could not sell any of your current holdings for the next ten years, how many of them would you keep?
I was recently reading an old Wall Street Journal article that examined the fact that the fluctuations in net worth among the most affluent 1% of Americans has increased substantially over the past generation. The conventional wisdom on the matter is that we have experienced an unprecedented era of rapid technological innovation, and these changes in technology have threatened the stability of most business sources. That’s part of the story.