Yes, this is the prevailing view! However, I think the magnitude of the reward an investor should get, as well as the actual amount of risk they are exposed to, is overstated. Also, there is nothing stopping us from having a system where the employees become "members" of the company and shoulder some of the (diluted) financial risk, thus doing away with shareholders. This comment has a couple more thoughts on this, as well as a link to my essay on this topic. Let me know what you think! https://news.ycombinator.com/item?id=32424519