Or as Bill Lazonick says: The function of the stock market isn’t raising money for corporations, its function is to get money out of them.
Steve Roth👍👍 For nonfinancial corps — actual production firms — net equity issuance (shares issued - buybacks & M&As) has been negative for decades. In aggregate, equity doesn't fund productive investment; it actually competes with investment for firms’ free cash flow. fred.stlouisfed.org/graph/?g=1XAPD