#219 How fewer publicly traded companies, less stock shares outstanding and more intangible assets have led to higher earnings growth for U.S. listed companies and ultimately stronger stock market performance. Thanks to Circle Invest for sponsoring today's episode.For show notes and more information on this episode click here.[0:08] Observations on the current state of the US stock market[4:01] What if there’s something going on within the US market that suggests continued outperformance is coming?[7:23] Why the number of publicly listed companies, particularly small companies, is shrinking[14:52] The impact of intangible assets within small companies[18:21] Increased amounts of buybacks are leading to a shrinking stock market[20:38] Multiple factors are contributing to higher shareholder profits, yet lower wages for employees[26:05] What are the investment implications of low wages due to monsopony?