Wall Street traders (bless their dark souls) hold that there are two kinds of personalities – the stock type and the bond type. Stock guys are thought to be optimists while bond people have a gloomy reputation. There must be some truth to this because in ten years I have not met a bond manager with a sunny disposition.
Luckily, most of us are stock-people. We extol and defend our favorite stocks to the point of irrationality. In the meantime, it is forgotten that the bond market dominates the economy in a way that stocks never have and never will.
The investing public in America has been relentlessly carpet-bombed with the stock investing mantra. Most financial advisors will repeat it for you: “Thou shalt heed that stocks are the best hedge against inflation, they may earneth thee 10% a year. Buy them ye must!”. And just like the Mormon Church, this is followed up with colorful marketing paper containing smiling pictures of financially secure people and their jubilant dogs.
The story of stocks and bonds is that of entrepreneurship. In the United States alone, over 500,000 new businesses are started every year. I suppose, having a “boss” is not an easy thing for many people.
If anything, the urge to start businesses is stronger than ever before. A recent survey of millennial college kids showed that roughly 2/3rd of them would like to be entrepreneurs – to “be all that you can be” in the words of Uncle Sam above.