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Work-to-Rule

Wikipedia defines work-to-rule as an industrial action in which employees do no more than the minimum required by the rules of their contract, and precisely follow all safety or other regulations, which may cause a slowdown and/ or a decrease in productivity.  Such action is considered to be less disruptive than a strike or lockout, […]

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Elections Have Consequences

Now that we are in the midst of the normal turmoil leading to the quadrennial presidential elections, it is important to remember that elections do have consequences and that we should all take the time to understand the issues before casting our ballots. Investors should also be diligent in reviewing and voting proxies.  For the […]

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Markets Work

For the last several years, there has been an increase in the political rhetoric relative to wages, and more specifically, the national minimum wage of $7.25 per hour, which was last changed in 2008.  However, there has been some movement by state and municipal governments to establish local minimum wage rates at levels well above […]

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Is Labor-Force Participation Improving?

We have previously discussed the importance of labor-force participation (see blogs from 09 Jan 2018 , 16 Mar 2018 and 18 May 2018 ). Recent data suggests that the labor-force participation rate has started to improve, probably thanks to a strong economy and significant increases in the de facto minimum wage, to approximately $15 per […]

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Subsidy Risk

Dependence on subsidies entails significant, and potentially existential, risk factors.  A case can be made in favor of subsidizing new technology, for limited periods, in order to mitigate early, low volume related costs, as potential participants seek to reach critical mass.  However, subsidies are generally of limited duration, as the long term costs are not […]

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Shareholder Voting Rights

Ride sharing startup Lyft’s move to the public market, has rekindled the issue of shareholder voting rights.  Lyft’s plan for dual-class voting shares has caught the attention of pension funds, which suggests that investors should be aware that corporate governance is not a one-man one-vote democracy. Lyft co-founders will receive 20 votes per share while […]

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