An idea and a dream. Time was in markets, that’s all you’d need. But now the easy money has stopped flowing, and good luck if it’s all you’ve got.
And while the travails of profitless companies are well known to anyone who’s watched the Nasdaq plunge this year, the extent to which such firms have come to clog the equity landscape is only beginning to be understood. New research shows that over the last five decades, the percentage of US firms trading publicly with zero earnings has more than tripled to more than half of the total market.