But the point is they’ve been happy with such things for decades, and no one else cared either. It never fails, even back to my childhood, no matter what the event AB seems to always be a sponsor. They just want to sell beer, to whoever might buy it.
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More on Blackrock getting sued for bad governance
https://www.sec.gov/Archives/edgar/data/1510281/000090266423003780/p23-1890dfan14a.htm
In addition to their other board assignments and outside responsibilities, each of the BlackRock fund trustees also serves on at least 70 BlackRock fund boards at the same time, despite BlackRock’s guidelines for governance explicitly calling for a four board maximum.
Similar to prior lawsuits Saba brought and won against Eaton Vance and Nuveen, Saba is seeking to invalidate the Funds’ control share provisions as unlawful under the Investment Company Act. Previously, on January 21, 2023, the Suffolk County Superior Court in Massachusetts issued a summary judgment ruling in favor of Saba that invalidated Eaton Vance’s control share provision as a violation of the Investment Company Act. In its ruling, the Massachusetts Court agreed with a 2022 ruling by the United States District Court for the Southern District of New York in a prior lawsuit Saba brought against Nuveen that found the restrictive use of control share bylaws to violate federal law.
Michael D’Angelo, Partner and General Counsel of Saba, commented:
“Despite the clarity of the Investment Company Act, many investment managers continue to pretend as if federal law does not apply to them. By adopting illegal control share provisions, closed-end fund managers, including BlackRock and its fund trustees, Franklin Resources, Tortoise and its fund trustee, Adams Funds and FS Investments, are depriving shareholders of their voting rights in desperate attempts to entrench trustees and investment advisors and avoid accountability for their own governance failures.
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Companies are voting with their feet on the type of governance that is good for them
A US$100B wealth migration tilts U.S. economy’s centre of gravity south
The numbers tell the story. For the first time, six fast-growing states in the South — Florida, Texas, Georgia, the Carolinas and Tennessee — are contributing more to the national GDP than the Northeast, with its Washington-New York-Boston corridor, in government figures going back to the 1990s. The switch happened during the pandemic and shows no signs of reverting.
A flood of transplants helped steer about US$100 billion in new income to the Southeast in 2020 and 2021 alone, while the Northeast bled out about $60 billion, based on an analysis of recently published Internal Revenue Service data.
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The migration might not be the result of anti-wokeness but a natural response to higher and higher taxes in certain states.
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The migration might not be the result of anti-wokeness but a natural response to higher and higher taxes in certain states.
I agree that is part of it, but there are also moves like this from Massachusetts to Tennessee
Smith & Wesson announced in 2021 that it would move headquarters, distribution and plastics manufacturing and assembly work on semi-automatic handguns and semi-automatic military-style rifles.
At the time, Smith & Wesson said the move was forced by pending Massachusetts legislation – a bill that still has not passed – that could have banned Smith & Wesson from manufacturing firearms in Massachusetts that cannot be sold here under state law. That ban could have included assault-style rifles.
Smith & Wesson plans to move 750 jobs to Tennessee from Springfield and sites in Missouri and Connecticut.
From Springfield, about two-thirds of the 550 Springfield jobs being moved, some 400, are blue-collar.
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How is the Disney feud with Florida going?
https://www.msn.com/en-gb/travel/news/as-crowds-thin-is-the-disney-world-bubble-bursting/ar-AA1dxp64
Reports indicate that Disney World Crowds were down hard on the extended Fourth of July weekend. In fact, per recent reports, the 2023 Independence Day celebration was the worst day for attendance on the holiday in a decade – which is wild considering in 2021 and 2022 a lot of businesses were still recovering from the economic impacts of the pandemic. Theme parks, however, at that point were booming after being hit hardest in 2020 due to an extended shutdown.
Over the last six months, since the controversy with DeSantis began, Disney stock is down 7.19% while the total Stock market Index VTI is up 10.85%
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See my post on the social credit in America thread about Eventbrite refusing to do business with an independent women’s network event. The company has never made a profit, but this article claims that are getting close after pointing out some serious financial problems.
Before we wrap up, there’s one issue worth mentioning. Eventbrite currently has a debt-to-equity ratio of over 2x. Typically, debt shouldn’t exceed 40% of your equity, and the company has considerably exceeded this. A higher level of debt requires more stringent capital management which increases the risk around investing in the loss-making company.
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CLBR is a spac merging with Tucker’s new Twitter show
Anti-woke marketplace Public Square (PublicSq.) has inked an advertising deal with Tucker Carlson’s new Twitter show just days before the former company goes public on the New York Stock Exchange.
PublicSq, which is merging with Colombier Acquisition Corp. (NYSE: CLBR), has reached a deal in the seven figures with Mr. Carlson’s show, people familiar with the matter confirmed to IPO Edge.
Market gave the deal a positive reception.
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Optimistic article but I think the boycott has definitely caught the woke corporate CEOs’ attention.
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The jackasses in the management say they’re cutting back on transgender merchandise to protect the safety of their employees.
Despite the losses, Target will still be celebrating Pride Month in 2024, Cornell said, noting that future collections will focus on being “celebratory and joyous, with wide-ranging relevance.”
Target will also be “mindful of timing, placement and presentation” of its future Pride collections, Cornell added.
“Pride is one of many heritage moments that are important to our guests and our team, and we’ll continue to support these moments in the future.”
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More news on TGT.
This legal action is centered around shareholder losses stemming from boycotts triggered by the retailer’s Pride Month displays. Consequently, Target’s stock plunged to its lowest point in three years on August 15, marking a tumultuous period for the embattled retailer.
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DWAC, the spac that’s trying to merge with Trump’s Truth Social media company, seems to be making some progress. They are setting up Trump to get rich, as well as settled with the SEC over some allegations that they were talking to Trump about this deal earlier on than they were supposed to (dumb rule, but that’s the rule for SPACs).
https://www.axios.com/2023/08/16/trump-control-truth-social-dwac
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This is hard for me to understand. There’s no way I would buy the stock. But from the original article.
- DWAC continues to trade above its $10 par price, closing yesterday at $16.73 per share. Its all-time high closing price was $97.51 per share in March 2022.
And this article
Why? Don’t you want to know the “truth?”
It’s just super voting control shares, no different than what Facebook and Google did to make sure the owners could sell most of their stock and still control the company.
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I should clarify. This is not a political statement, but a statement of my investment approach. I’m a boglehead and I don’t buy individual stocks. I buy index funds but I do look for non-woke funds such as STRV.
Edit. I do buy sector indexes like energy VDE so I am not a doctrinaire boglehead.
From the mouths of the ruling class in NYC, SFO, DC, LAX, ORD, IAD, BOS, AUS, etc.,…
Donald Trump indicted for failing to declare the existence of SPAC/DWAC to all seven continents and nine (or eight) planets. The Fulton county DA has already published the results of their grand jury, although it is yet to be convened, and the former President has been indicted on multiple (48) counts of being illegal (but not an illegal immigrant). He is scheduled to be convicted on Jan 1, 2024, and to be executed by lethal injection on Nov 4, 2024.
El Presidente Giuseppe Joseph Robinette Biden has prerecorded his victory statement in case he is having a conversation with Generalissimo Francisco Franco when the guaranteed unknown results are announced.
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If there was ever a reason for Republicans to embrace early voting…
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This lawfare is designed to bring him up in the polls. Democrats would dearly love to run against Trump in 2024.