Stocks last week also didn't like the Business Roundtable announcing almost all of its CEOs signed a statement pledging they were no longer going to run their companies w the primary goal of serving shareholders, but also their "communities," sacrificing profits for social agenda— Paul Sperry (@paulsperry_) August 26, 2019
This is total BS. Investors invest in companies to MAKE MONEY, not set a social agenda. It is not the job of a company to set social norms, unless it somehow benefits the bottom line of MAKING MONEY.
This is what happens when millennials grow up & get in a position of running a company. They have been taught SJW crap rather than how to run a company & maximize profits. Gillette found out pretty quickly.
They only think the companies are theirs.
CEOs are just high-paid flunkies paid by the real owners (stockholders) to run the company.
The same way citizens elect mayors, councilmen, governors, congressmen, senators and presidents to run the nation for them.
So these CEOs have arrogantly decided they will decide how the stockholders earnings, or potential earnings, should be spent rather than distribute it in the form of dividends
to the rightful owners of the companies.
They have taken the position that they know best how the wealth the stockholders investments generate should be spent.
That's the same thinking we see from democrats and Big-Gov republicans, who believe they should take our earnings (as taxes) and spend it the way they think best.
Both groups think the people they work for are too stupid or ill informed to be trusted with their own money.
.