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MrMind comments on Open thread, June 27 - July 3, 2016 - Less Wrong Discussion
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The thing is, the markets reflect committed-capital-weighted opinions of market participants. This is not an egalitarian democracy.
Possibly we (meaning I vs Epicurean Dealmaker) have a very different notion of 'elite'.
I imagine the elite as the 10% (or 5% or 1%, depending on your Pareto distribution) which has enough capital to hedge against market fluctuations (or enough to create it entirely); as far as I understand instead ED means as 'elite' anyone who has enough money to invest in a market.
I don't think this is the issue. If you invest $10m into some market position, your "opinion" literally has one million times the impact of someone who invested $10. It's not just "people who invest" vs "people who do not invest". Even among those who invest, the more capital you apply, the more your opinion matters.
Markets are inherently capital-weighted and their opinion necessarily reflects the positions of the rich to a much greater degree.