| Hubris. >> What does owning a stock mean Ownership requires property rights but you only get contractual rights. If you want to sell your stock and you both parties want to conduct that transaction under a different jurisdiction, perhaps for tax advantage, you can't choose to do that, because you don't own the property rights. >> The technical financial structure is a bit irrelevant That's a pretty controversial take because: >> since this structure is created to reduce transaction costs It also served to ensure a middleman was enshrined in all future transactions. What if you want to change the middleman, what if you don't want a middleman at all? Like I say, controversial. >> you don't really "own" the stock, because some other party is holding it in trust - is simply not true. History shouts loudly for us to be cautious here but presently we're blessed with a freedom to blissfully ignore those warnings. >> you do the same with the money in your bank account You don't. In one scenario you're a party to a private contract and in the other you're under-written to the tune of $250k (assuming USA) >> hold out with hard cash What does that mean in the context of a fiat currency? |