FORCED TO CHOOSE
what makes me testy is when the government wades in and starts limiting my opportunities based on all that stuff. And think about this Catch-22... Our HR department here at Stansberry Research has a list of literally dozens of personal questions that we can’t ask prospective employees... Topics like family life, dating, and sexuality are all no-nos. But... How do I ensure diversity on my board if I can’t ask people about their family life or whom they like to date ?
not buying some woke political agenda. I know that sounds naïve... But it’s also 100% right, so I’ll keep saying it. Besides the obvious discrimination in the proposal, there’s another problem with involving the SEC technocrats... The regulatory state is little more than a bunch of unelected people making up laws any time they feel like it, without any legislative process. If you think I don’t know what I’m talking about, that’s fine... But what about Supreme Court Justice Samuel Alito? He commented on this issue in a recent speech, calling it a disturbing trend... The COVID crisis has served as a sort of constitutional stress test and in doing so, it has highlighted disturbing trends that were already present before the virus struck. One of these is the dominance of lawmaking by executive fiat, rather than legislation. The vision of early 20th century progressives and the New Dealers of the 1930s was that policymaking would shift from narrow-minded, elected legislators to an elite group of appointed experts. In a word, that policymaking
The SEC is a group of technocrats – and they’re all worthless...
Look, I think those things are none of my business... But if you’re going to hold me accountable, then you’re forcing me to make it my business. There’s also a direct investment tie-in... No rational shareholder should care if a company appoints directors who are men or women, gay or straight people, or folks of any race or creed. Instead, we should just care whether they’re running a great business and creating value. Public companies are businesses. They’re not tools to push political agendas. When you invest in these businesses, you’re buying a stream of cash flows, a business model, a management team and other employees, or some other reason for putting your hard-earned money into them... You’re
would become more scientific. That dream has been realized to a
large extent. Every year administrative agencies, acting under broad delegations of authority, churn out huge volumes of regulations that dwarfed the statutes enacted by the people’s elected representatives.
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January 2021
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