This doesn’t work for a particularly useful type of limited liability company: index funds (and mutual funds in general). Today’s grandpa might be living off t

This doesn’t work for a particularly useful type of limited liability company: index funds (and mutual funds in general). Today’s grandpa might be living off the retirement income from his S&P fund investments which should (IMO) have the same level of limited liability to him as grandpa would have if he invested in a tiny slice of each of 500 different companies directly. > We don't expect a business to be a generic investment fund I do expect some businesses to be exactly that.