@djc @22 @DeanBaker13 i think u are getting at two ideas: “complete markets”, and modern portfolio theory optimization. in reality markets can never be complete, questions of optimal individual diversification are quite distinct from social welfare, even hypothetical complete capital markets should have infinitessimal amounts “bet on” invested in nearly every contract that completeness would prescribe. there is no practical wisdom in any of this (except it’s individually desirable to diversify).