Business – Value and Function
Those that create, manage and run businesses deserve respect.
They deserve respect because their activities benefit us all – in the form of jobs (primary, secondary and tertiary ones) and shareholder returns (did you know that teacher, police and other public worker pension funds are some of the largest investors in the public markets and in Private Equity funds?) – which then drive value and wealth creation all around.
And more respect and admiration for those, especially entrepreneurs, that constantly strive to create new value by pouring their blood, sweat and tears into starting new companies, managing them and growing them.
Kudos also to America for its deeply ingrained entrepreneurial culture where such continual value creation is encouraged and facilitated by public infrastructure investments, the rule of law and a mostly level playing field.
[Sometimes though, the world of business needs a nudge or two when rapacious activity has the danger of destroying the very communities it is meant to serve. Regulation and controls the world over must therefore ensure that the conditions that lead to such destruction are mitigated as much as possible. This is quite different though from the “creative destruction” that capitalism engenders and requires…which is why one must remain wary of “too big to fail” banks and institutions whose profits are private, but whose losses must be borne by the public. Talk about negative externalities.]
Unfortunately, with the exception of The Economist, NYT’s DealBook, The FT (I hear) and some of the stories in The WSJ, Bloomberg Markets, Fortune and BusinessWeek (which is trying hard to become the tabloid of business news these days), most outlets are either full of click bait, overly simplistic analysis or both.
So this blog is also an attempt to fix that in a small way, for when I have the time, inclination and inspiration.
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