With all the righteous outrage over surveillance capitalism, it’s easy to forget how much the U.S. stock market owes the oligopolistic FANGs (Facebook, Apple, Netflix, Google).

While the case for increased regulation is strong, we must also recognize the innovation created by our nerdy cousins on the left coast. Yes, their technologies have destroyed jobs, debased our social discourse and increased our levels of narcissism….but while bonds and hedge funds have faltered, the tech sector has made lots of bacon over the last 10 years.

As the chart below shows, our retirement plans would be closer to 201ks not 401ks without them. We need to house-train this Golden Gate goose, not kill it.


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