, Columnist
Investors Want a Cure, Not a Winner
Also cash hoarding, L Brands vs. Sycamore, Netflix bonds and Magic.
Programming note: Money Stuff will be off Monday, back on Tuesday, April 28.
Last month I engaged in some wild speculation about how index funds and other big diversified institutional investors would cure Covid-19. Sort of. What I wrote is that those big investors, who own every public company, are less interested in the relative performance of any one company, and more interested in the performance of companies—and the economy—in general. They do not particularly care which company wins in cutthroat competition with other companies; they care about all of the companies doing okay.