Here's another thought experiment for you.
Suppose the government (or the stock exchange) changed the rules on investing to ban short-term trading. The mechanism for how they do this is not important, but it could be implemented, for example, by changing the capital-gains tax rules to tax short term trades at 100%, making them pointless. Let's say that they effectively prevented anyone from owning stocks for less than 3 years.
What would happen to the market?
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