As I and others often say, the stock market is not the economy. It never was. But it may be even less the economy than it used to be, according to a new paper by Schlingemann and Stulz 1/ https://www.nber.org/papers/w27942?utm_campaign=ntwh&utm_medium=email&utm_source=ntwg22">https://www.nber.org/papers/w2...

They show that there& #39;s a declining correlation between a firm& #39;s share of employment and its share of stock market value 2/

Case in point: in the 1950s the biggest market cap was either AT&T or GM, which were also the top 2 employers. In 2019 it was Apple, which was only the #40 employer. 3/

It made some sense to say that what was good for America was good for General Motors and vice versa. But what& #39;s good for America and what& #39;s good for Apple have almost nothing to do with each other. 4/