>> The actual third category participants, to a large degree, don’t need much more than was available in 1993, or at least are savvy enough not to find themselves paying for it.
I'd disagree with this. In 1993, you couldnt do fractional shares, or auto-invest, or pie-based investments. In 1993, you couldnt purcahse $500/wk of BRKB/AMZN/TSLA because there was no product like that short of paying a mutual fund 150bps. You couldnt tax-loss harvest (like with WealthFront)
You can get that now with M1, FolioFN (GS), ShareBuilder (RIP). It is low investment and high-stickiness.
You're noting net work and involvement and profit, but I think stickiness is another factor to focus on.
I'd disagree with this. In 1993, you couldnt do fractional shares, or auto-invest, or pie-based investments. In 1993, you couldnt purcahse $500/wk of BRKB/AMZN/TSLA because there was no product like that short of paying a mutual fund 150bps. You couldnt tax-loss harvest (like with WealthFront)
You can get that now with M1, FolioFN (GS), ShareBuilder (RIP). It is low investment and high-stickiness.
You're noting net work and involvement and profit, but I think stickiness is another factor to focus on.