well, I can see people back in the days asking questions like what the heck is this company “apple” (or “yahoo”) supposed to sell?
Some of the start-up companies will succeed beyond the wildest dreams of investors. This is called capitalism and it has been proven to be superior economical system.
This happened once before, didn’t it?
I see a combination of stupidity factors.
1) Many companies are awash in cash. They made themselves this way in anticipation of a major economic crash.
2) The major crash hasn’t come yet, likely because all these efforts at insurance “emptied the boat” enough so that the hull rupture is above the water line. Which works as long as everybody sits in the lifeboats.
3) But eventually there is going to be contention, with some advocating investing the money in something, anything, instead of letting it sit idle. Unfortunately there are few, if any, good investments out there. Either the risk is too high, or the yield is too small, as far as the believers in self insurance are concerned.
4) Then enough fools are going to climb back aboard the boat, which will promptly begin to sink again.