Before Capitalism, under
Mercantilism, the lines were blurred between Companies and the State in the
same way as they were blurred between the Church and the State. Given a Charter,
a Company could raise an army and make laws. The British East India Company
ruled India from 1757-1858. Things changed. Now there are concepts like Public
Equity and Multi-National Companies. Public Equity democratises ownership.
Shares of listed Companies are traded freely and can be bought and sold by
people who aren’t Citizens of one competing tribe. Multi-National Companies
have employees, customers, and owners, from all over the world. Stock Markets
allow customers to own shares in the companies that make the products that they
buy. You don’t “play” the market. You can invest in a real company, doing real
things, for real people. The heart of Fundamental Investing is the question, “what
is really going on?”.
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