We Already Own Almost Nothing, But Are We Happy Yet?

We Already Own Almost Nothing, But Are We Happy Yet?

Do we really own much of anything these days? Well, I thought we did. Like corporate stocks, securities. Turns out we don’t. We “own” only a “security entitlement” – a claim on the underlying security that is held by an agent. And so much today is bought as a subscription, lease, or collateralized loan. The situation here is worse than I could have imagined.