How to prepare to the possible future crash?


#61

Perhaps the state is necessary to create a GPS system or a mission to Mars, or whatever uncertain and unprofitable long-term projects we might have. I think though, to some extent, this function can be replaced by voluntary associations (look Wikipedia or Linux) and industry cooperation (Open Source and Linux are good examples, even Microsoft is contributing tons of money to its development because indirectly they make money on it).

Absolutely, we’re just free-riding on other people’s efforts - stock-pickers who set the prices and big fund managers who do due diligence and investigate corporate governance, etc. I think Vanguard is big enough ( + it is located in the financial center of the World) to make a difference though.