I’ve posted Entry #361 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called Investing Is In Some Important Ways a Community Act Rather Than an Individual Act.
Juicy Excerpt: There’s a funny scene in an episode of Mad Men that reminds me of an unfortunate phenomenon that applies among the stock investors of today. Don Draper and his wife and two kids are enjoying a picnic at a public park. When it is time to get back in the car and drive home, they pick up the things they want to bring back home and then pull up the blanket on which they and the food had been sitting, causing papers and napkins and boxes and other trash to get tossed onto the grass. They all smile as they walk back to the car, not one of them showing any concern that they have spoiled the environment with an act that all those watching through today’s eyes view as careless and lazy and selfish.
People did things like that in the 1960s. Environmentalism wasn’t a thing. People smoked in elevators and people told racist jokes in public and people (both men and women) assumed that a woman whom they had never met was more interested in finding a husband than in career advancement. Our ideas of how to interact with others in the community change over time. Things that at one time we think of as personal matters (“it’s my trash, I’ll do what I want with it”) come to be perceived as matters of community concern.
I think that we are going to see that change in perception take place in regard to our views on stock investing sometime over the next decade.