THINKING ALOUD
Count the companies worth owning, not the ones listed
Between the opening bell and the exit door, what matters is whether a business becomes worth owning
Add BT as a preferred source
EVERY stock exchange celebrates an initial public offering. Few celebrate what the company looks like two years later.
That says a lot. Exchanges tend to be judged – and judge themselves – by how many companies are listed, rather than how many become well-run, investable businesses. This risks rewarding scale over strength.
Take IHH Healthcare , for example.
