Arguments that take a position and date it, from the Bank Season column and outside contributors we name and vet.
Column
Nothing in a serial acquirer's reporting is false. The convention that lets an acquired company become organic on its first anniversary does the work that a misstatement would otherwise have to do.
Index funds were built to be cheap, not to be owners. They are now the largest shareholder in most of corporate America, and the machinery for exercising that ownership was designed for a far smaller job.
Every great capital cycle in history was justified by demand that genuinely existed. The demand has never been the question. The question is what happens to returns once everybody can see it at the same time.
