The stock markets purpose isn’t to help companies find money, that Pr spin. It’s to help investors invest their monies more cheaply and safely. The side effect

The stock markets purpose isn’t to help companies find money, that Pr spin. It’s to help investors invest their monies more cheaply and safely. The side effect is that companies get cheaper access to investment funds. Without short sellers frauds would be even more prevalent, investor costs would be higher and companies would raise less money. If you have a solvent company brought down by a short seller, you never had a solvent company. And value != price. True investors like Buffett don’t really mind the casino aspect, because volatility creates opportunities when value diverges far from price.