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So essentially you are saying you refuse to treat stocks as a business because you lack control and therefore counter-party risk is higher. I do understand you position especially given that most large corporations are poorly managed (especially the ones managed by professional/hired management). But I feel that  the increased risk that comes from what you give up in terms of control (and sometimes quality of management) is counterbalanced by the robustness of the underlying business itself. As a small business owner you will likely never have a business that has the product and customer/market diversification of 3M or the brand loyalty and distribution of Coca-Cola or Apple or the cost advantage and scale (relative to industry average) of BHP or Fortescue metals.