Need to Know: How investing in the stock market could be like buying tickets to the Fyre Festival

Welcome to Wall Street’s version of the Fyre Festival.

Or, as Vincent Deluard of INTL FCStone puts it, the “faking-it economy,” where you’ll find capitalism without capital” and “employers without employees.”

In our call of the day, the market strategist says the most important factor in the next decade is how investors assess “businesses whose value is generated by employees and tangible capital” versus those that have “broken away from physical realities.”

Deluard uses Macy’s M, +2.38% , Ford F, +2.94% and Hilton HLT, -1.15% as examples of value in owning assets and big workforces, whereas the value in companies like Visa V, -0.23% , Netflix NFLX, -1.65% and Zoom ZOOM, +17.90% lie in controlling access, not owning the content.

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