For the vast majority of Americans, any fixation on the short-term ebb and flow of stock prices — especially daily price changes — may even be financially unhealthy.
“Though 70% of the top 10% directly own stocks,” economist Teresa Ghilarducci of the New School told the Senate Banking Committee last year, “it is only 13% of their wealth.” Businesses they own, real estate and retirement accounts and pension plans account for more than half their net worth, on average.
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