A counterpoint is that if the government was doing this instead, it meant government buying stocks collectively with the money taken from people as payroll taxes, then distribute the proceeds. But it will mean government owning means of production, and on enormous scale - almost a textbook definition of communism. It was both politically impassable, and also will inevitably end up in a massive disaster if actually tried, will make entire economy into a charade of manipulation. People will start companies with a specific goal of getting "on the list" of those government will buy, instead of a goal of making money, as a result giving birth to monsters. Huge fortunes will be made by tricksters teaching people how to build these companies for them to appear more plausible, and these tricksters will be same people who will make the decisions, through the revolving door system. It will be hard to do any macroeconomic regulation because say, increasing interest rates will mean the government directly loses money because stocks fall. Every conservative politician will love to see the huge mess a decision like this would produce, will be the best proof of Republican "government is bad" philosophy.
For someone born in the Soviet Union, this idea sticks so bad there's not a slightest inclination to try it out.
Other approach is "the government should directly own the productive assets it creates itself, not buys on the market", but that will create an even bigger conflict of interest (government will have to make sure those pesky private businesses don't compete with it), it will be truly a resurrection of the Soviet Union, and a wall will soon be needed to keep people in, rather than to keep them out. Been there, done that. No need to repeat the same to arrive to the same result again.
For someone born in the Soviet Union, this idea sticks so bad there's not a slightest inclination to try it out.
Other approach is "the government should directly own the productive assets it creates itself, not buys on the market", but that will create an even bigger conflict of interest (government will have to make sure those pesky private businesses don't compete with it), it will be truly a resurrection of the Soviet Union, and a wall will soon be needed to keep people in, rather than to keep them out. Been there, done that. No need to repeat the same to arrive to the same result again.