Another article you might find interesting is David Dayen’s at The Nation on how Warren Buffett has parleyed monopoly companies into an enormous fortune.
A key problem is that the federal government as a matter of policy has just abandoned the elimination of monopoly power. Generally speaking, monopolies aren’t illegal but using monopoly power to gain dominance in areas outside your monopoly is. A key barrier in the enforcement of monopoly law is that frequently monopolies don’t hurt consumers but their business competitors.
And natural monopolies are actually pretty rare. Far more of them are created through various government fiats than by nature.
“…Warren Buffett has parleyed monopoly companies into an enormous fortune…”
Yeah, something I’ve written about numerous times here, and with absolute first hand transactional knowledge. I won’t even go into his Mafia-like tendency to threaten. Let’s just say he’s not a fave.
But he contributes, and if asked, will say the “right things” on taxes. Then he gets his government issued doggie treat. That makes him a whore. To be sure, he is a very skilled value investor, with good control investor instincts. But he also bends the rules in his favor. He’s the very epitome, if not the paragon, of crony capitalism.
“…Warren Buffett has parleyed monopoly companies into an enormous fortune…”
Yeah, something I’ve written about numerous times here, and with absolute first hand transactional knowledge. I won’t even go into his Mafia-like tendency to threaten. Let’s just say he’s not a fave.
But he contributes, and if asked, will say the “right things” on taxes. Then he gets his government issued doggie treat. That makes him a whore. To be sure, he is a very skilled value investor, with good control investor instincts. But he also bends the rules in his favor. He’s the very epitome, if not the paragon, of crony capitalism.