[dleslie]

What you're missing is that "them buying fancy crap" is redistribution of wealth. I don't see how it's worse than your suggestions of investing in entrepreneurs; in both situations, something is bought and there is an expectation to extract value from it. On the one hand, they've bought a yacht; on the other hand, they've bought shares in a company.

I do not see what is objectively unhelpful about buying a yacht, or similar. Trades persons are paid, wealth is redistributed, utility and enjoyment is extracted from the product of their labour.

In all luxury consumption there is a redistribution of wealth; and _unlike_ with investment, there is no expectation to extract future wealth from the labour of others after the point of purchase.

In their own way, investors are parasites. They leverage their hoarded wealth to extract value from the labour of others.