Tren Griffin
1/ Publicly corporations shrinking from 7,507 in 1997 to ~3,500 now. Academics: they lack "ambition, proper incentives, or opportunities."
2/ How about: it is frigging hard to make a profit and getting harder! Especially hard is creating new moats. Moat duration is shrinking.
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Professors claiming that businesses "lack ambition" should operate an actual hot dog stand over summer vacation.https://www.bloomberg.com/view/articles/2017-01-04/corporations-need-a-new-reason-to-be …
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4/ The "likeliest culprits appear to be declining competitive pressures." Unbelievable! Tenured professors evaluating competition levels.
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5/ Innovation is as likely to destroy a moat as create one. Often innovation creates <$0 profit. No moat? No profit.
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@trengriffin Kahneman in Thinking, Fast & Slow talks about the value of "optimistic martyrs"= firms that identify new markets for incumbentspic.twitter.com/7ZZCAQ1M1L
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@trengriffin don't you think the shrinking of investment banking for smaller companies & rise of private equity are the reason? -
@nachkari No. Moats are harder to create. -
@trengriffin you don't need a moat to go public? There are a lot of really awful publiclly traded companies -
@trengriffin most public companies I look at sub $1bn don't have any moat and don't have a bright LT future. Yet they are public -
@nachkari At one point some people believed they would. Or they lost their moat.
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@trengriffin alterative scenario is software creating more winner take all sectors, creating 1 large company w/ less competitors than past
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