I’ve posted Podcast #65 to the “RobCasts” section of the site. It’s called The Stock Market Is the Respectable Ponzi Scheme.
Robert Shiller makes this point in his book Irrational Exuberance. Many people are shocked to hear it. But I think he’s right on. We need to learn about the realities and come to an acceptance of them if we are to become successful long-term investors.