99.9% of legacy investors are merely speculators. They don't understand how to read balance sheets, income statements and cash flow statements. They don't know the management. They don't know the management compensation and if they will get diluted. They have no control over the company whatsoever. Most people can't even do simple valuation based on historical metrics and simple assumptions.
Discussion
Totally agree. Indeed they “invest” in a vanguard index tracker
No need to be an equity analyst when you can follow passively
Do you see a future scenario in which traditional equity investing and P/E ratios will be relevant vs btc HODL?
Your first point regarding the ETFs index trackers, means people are concentrating votes in easy capturable entities with unaligned interests with the companies they hold shares.
Regarding your second point on a relevant traditional equity investment future, yes I believe this will be relevant again. But I am not sure this will happen in our lifetime. We need to have a full financial reset, either with our hyper bitcoinization or with bitcoin failure and something else.
If bitcoin game theory and protocol doesn't brake (what I believe), at some point bitcoin price appreciation will be derived from real economic activity and innovation, and traditional equity investment will be back.