Where’d All the Stocks Go?

Fewer, but bigger.
This describes the transformation that the U.S. stock market has undergone over the last few decades.
There are fewer publicly listed companies today than there were in 1976. However, the average market cap for a publicly listed company today is over $10 billion, up from less than $700 million in 1976, adjusted for inflation.
The enormous increase of the average U.S. company is driven by changes at oppo…

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