[nickjarboe]

As per the article, Vanguard's biggest fund is the Vanguard Total Stock Market Index which tries to track the CRSP U.S. Total Market Index. That index is "Nearly 4,000 constituents across mega, large, small and micro capitalizations, representing nearly 100% of the U.S. investable equity market." I don't think you have to worry much about a bifurcation between large and small companies. My worry would be that the "investable equity market" is shrinking and that most the growth in the future will come from companies pre-IPO where non-accredited investors cannot invest.

[atishd]

The number of total publicly traded companies isn't projected to get anywhere close to historical levels in the near future. There are steps being considered to change the current definition of accredited investors and/or to permit non-accredited investors to participate in private investments. See helpful reading/viewing:

- http://www.investmentnews.com/article/20170224/FREE/17022994... - https://equityzen.com/blog/alternatives-part-of-investment-p... - http://video.cnbc.com/gallery/?video=3000598150

Disclaimer: Links #2-3 are affiliated with my own company, so you should decided whether or not to believe me.