Jul 19, 2021Liked by Stowe Boyd

Point taken about diners having to get used to paying more for better, more professional service. But there’s a larger issue that extends across all markets and all industries — I think it’s essential for future prosperity and social stability. That is that investors as a class need somehow to develop a tolerance for lower returns on their money. Businesses commit themselves to predatory practices in hiring and maintaining relations with their employees because they know if earnings slip, investors can always find a way to get back the returns they expect. Investor expectations only increase year on year because automation and competitive pressures keep creating new ways to extract rent from a portfolio — virtually always at the expense of the workers who create the actual value. Somehow, investors need to recognize the predatory nature of this habit and feel a little remorse for it.

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