Interesting article, it doesn't really surprise me that there's...

Interesting article, it doesn't really surprise me that there's a lot of worthless companies on the ASX

However claiming that 98% of companies being worthless can't be accurate given how many companies have been taken over or merged, you can use statistics however you like I guess, as the guy in this article did by 'estimating' merged / taken over companies

Lets take what's happening on the ASX now for example... In the past month alone on the ASX there have been 10 companies taken over, some at a pretty decent price, that would mean 490 companies would have to be deemed worthless in the same time period to reach 2% worthless rate. A heap more companies in July due to be taken over including ABC, CSR, MRM, PSQ, GNX and ALU, nearly all of which have paid decent dividends and will exit the ASX at all time highs. So another 490 companies will need to be deemed worthless next month to keep that figure down at 2%. Unlikely

Anyway I get the point, it annoys me when mainstream media say the ASX is near all time highs without mentioning let alone elaborating the fact that the top 10 companies on the index have enormous influence on whether the ASX goes up or down. The same in the USA. I keep hearing that a crash is imminent. Underneath the surface the market has already crashed, it's mostly the top few companies with colossal market caps that are propping the market up