Good Quote

October 13, 2020 |

Victor Niederhoffer  writes: 

From wsj article on profits  "Night and day there are businessmen out there thinking of ways to feed us, to entertain us, to keep us healthy, to help us communicate — all out of a desire for profit.  The profit motive is the producer’s motive.  It is the desire to prosper by creating and offering for sale the values we need to live and enjoy life — and to spearhead the invention of new values that raise our standard of living.   The profit motive is the foundation of human happiness and human progress." — from the book "Equal is Unfair" by Yaron Brook and Don Watkins

Richard Owen  writes: 

Hi Vic - a noble story. It does feel though that if you tried to launch any benchmark business in recent years (presumably with a tech enabled angle) with the intention of collecting real profits, you were done for. QE took away the discount rate and corrupted the need for profits and perhaps underwrote much of the current chaos. With a 3% real fed, housing would be affordable and Jeff Bezos a lot poorer, allegedly two roots for mass discontent. And maybe the aim of competing improvements in products and services drove capitalism some time ago. Because there was a large productivity gap between what people were capable of and what they achieved. But now people seem to be operating closer to the asymptote. Where I am currently living there are three identical copies of Uber, and the only way to differentiate their product is who is willing to accept the biggest deficit of profits until the competition goes bankrupt. Capitalism's main end is no longer who is attracted by profits but who can most convincingly promise unrealistic distant future profits. Imagine there's no antitrust, it's easy if you try, no competition below us, above us, only sky.

Hernan Avella writes: 

Nevermind the rents extracted by businesses that nobody needs and are the product of cronyism and regulatory capture. Think 401k plan administrators and health care insurance middle men. H


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