> Are those excess returns not work? What are they?
Wealth extracted from a market, which is what the parent commenter said in the first place
What do you mean “extracted”? The wealth is sitting there in his 401(k) being risked through (highly) fractional ownership of various publicly traded business ventures.
What do you mean “extracted”? The wealth is sitting there in his 401(k) being risked through (highly) fractional ownership of various publicly traded business ventures.