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Silicon Valley’s would-be exchange founders have got it badly wrong

Stock markets already are oriented toward long-term growth — see Amazon, Lyft and Uber

Long term investing is an admirable goal, but opinions differ on how to encourage it
Long term investing is an admirable goal, but opinions differ on how to encourage it Photo: Getty Images

The architects of the proposed Long-Term Stock Exchange (LTSE) argue that the US is sorely in need of an exchange that rewards businesses and investors focused on the long term.

It is ironic, though, that the LTSE’s biggest backers hail from Silicon Valley, where tech startups have long benefitted from the market’s orientation toward long-term growth by raising investments based on long-term potential — despite losing money year after year.

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