Imagine if we could wave a wand and there was a level playing field for everyone to work. Not that everyone would do the same, or be rewarded the same. But that you were rewarded based on what you did. Fundamentally. The thing that mattered most was not what you had done in the past, but what you did next. That is mostly how we treat money on the stock market. If you look at the long-term history of a share price, there is noise, but there is also a reasonable explanation for why the capital has grown. Yes, it compounds. Its own type of privilege. But in public markets, anyone can buy and sell the shares. The money itself is welcomed without question. Privilege is “cashed in” through a sale. Sometimes that privilege is overvalued, and sometimes that privilege is undervalued, but over the long term the thing that determines whether the capital grows, or shrinks, is what work the money does.
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