By J.P. Morgan Asset Management via Iris.xyz

In the last 20 years, the U.S. stock market has undergone an alarming change that too few people are aware of or talking about.

Between 1996 and 2016, the number of listed companies fell by half, from 7,300 to 3,600, according to a recent report by Credit Suisse. This occurred despite the U.S. economy growing nearly 60 percent over the same period.

What’s even more flummoxing is that the U.S. seems to be the only developed country that lost so many stocks. Most other countries actually gained around 50 percent.

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