Expect a lot more takeover activity supporting equities.

Forces are stacked against ‘normal’ shareholding, as management is incented to dilute shareholders as previously discussed, and as repeatedly demonstrated during the last 6 months via dilutive converts, etc.

By taking over the entire company, that risk goes away.

This means that since public companies trade cheap enough for shareholders to own, that price will be cheap enough to make takeovers attractive.

Expect this bit of institutional structure to result in a new, massive, round of takeovers/consolidation.