Candidate Tim Walz’s lack of asset ownership makes him an outlier in the US

livemint.com:

The big divide in America is not so much between Republicans and Democrats as between people who invest and people who don’t. For a man of his means who is running for America’s second-highest office, Tim Walz is on the wrong side. In 2022, 58% of Americans owned stock, either directly or indirectly through mutual funds.

Based on his 2019 financial disclosures and his 2022 tax filings, the Democratic vice-presidential nominee is not one of them. His files offer no evidence of any asset ownership—no stocks, no bonds, no mutual funds, not even his house (he sold it after he became governor of Minnesota)— except for a small college savings plan whose investment allocation is unknown. This might bolster his regular-guy image.

But more Americans than ever are now in the market—that 58% is up from 32% in 1989—and not being in the market is no longer a common virtue, or any virtue at all. Investing in the stock market should be a basic part of any balanced portfolio and retirement strategy, and not investing can suggest a lack of understanding of risk management and of financial literacy— especially if you have money to invest. Neither the US vice-president nor president needs to be Warren Buffett.

In fact, it would better if politicians didn’t own individual stocks because of the conflicts of interest that may arise. But someone who just sticks with index funds is also an investor and being one signals important qualities the US should expect from its leaders. The main reason for Walz’s odd portfolio is that he is less wealthy than the average politician.