Here’s @andrewrsorkin on Friedman and stakeholder capitalism. His choice of words here — “making” stedda “growing” — is an important sleight of hand that often undergirds my debates with @Three_Guineas on this subject. nytimes.com/2020/09/11/bus…
Hotels are some of the longest-running businesses in the world. So let’s consider a hotel that has been run by the same family for 250 years. Its owners need to *make* money, sure. They’re rich capitalists. But they don’t need to *increase* their profits every year.
Since 1972, the idea of “shareholder capitalism” has morphed from “companies need to make enough money to be able to pay their dividend every quarter” into “companies need profit *growth* that will cause their share price to rise indefinitely.”
So when shareholder capitalists start telling you that a company needs to *make* profits, watch closely: They’re very likely to start moving the goalposts. It won’t be long before they start talking about increasing or maximizing profits. Which is much less defensible.
(And before you start talking about inflation, consider “profits” here to mean real profits, after inflation.)

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More from @felixsalmon

8 Jul
These are two wildly different things, @nathanielpopper. How can you conflate them? nytimes.com/2020/07/08/tec…
@nathanielpopper If you’re dividing revenue by average account size, then obviously mostly what you’re measuring is the number of accounts, not revenue per account or per dollar.
This doesn’t make sense either. What is it supposed to mean that Robinhood trades 25,840 options contracts “for every dollar in the average customer’s account”? It’s a nonsensical metric.
Read 4 tweets
29 May
This "Catherine the Great" story in Tatler just broke my mind so I am going to have to tweetstorm it sorry
This is the lede. Um wat?
"gruelling" = 11 engagements in 1 month. (Next graf: "She’s working as hard as a top CEO.")
Read 15 tweets
31 Jan
I really don't think I'm exaggerating when I said that today, more than any other day, marks the end of the world as we knew it. (thread)
I was in Piccadilly Circus at 11pm London time, when the UK officially left the EU. The big billboard was a huge sign saying "London is Open". But who were they trying to kid.
It was just hours after the Trump administration announced that the entire USA was closed to any foreigner who had travelled to China of late. (Citizens can come back, but only if they can find a flight, and they face 14 days' quarantine if they've been in certain areas.)
Read 9 tweets
9 Jan
My theory about the Teen Vogue / Facebook fiasco is that it was a classic corporate cock-up on both sides. (1/5)
On the FB side, one part of the company decided to sponsor the Teen Vogue conference, and buys a package that includes website sponcon. So they say "here, write an article about these women," make the necessary introductions, and are then promptly forgotten. (2/5)
FB dutifully trots out the women for Teen Vogue, which equally dutifully writes the puff piece, which then gets dropped into the CMS and inadvertently published without the necessary #sponcon disclaimers. When Conde realizes the error, they put a disclaimer at the top. (3/5)
Read 5 tweets
5 May 19
Really interesting @gavinfranc piece on vax and anti-vaxx. A short thread of things that jumped out at me:
nybooks.com/articles/2019/…
@gavinfranc 1. Parents who haven’t vaccinated their kids are well aware of the opprobrium directed towards them. This gives them incentives to lie and to be reluctant to visit the ER. Making matters even worse.
2. Modern healthcare makes anti-vaxx more appealing as a practice. One parent is quoted: “with whooping cough, they can intubate you now.”
Read 10 tweets

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