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Cake day: June 9th, 2023

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  • The shareholders can go and buy a diversified portfolio on their own, by investing in many companies, so they can derisk their portfolio without conglomeration.

    If they already own shares of the conglomerating company, its returns will be lower (they don’t care that it’s less risky; they’ve diversified already). Similarly, the returns of the company that is now becoming part of the conglomeration will likely be reduced, which negatively affects shareholders of that company.

    The benefit is really only for the people whose prospects are deeply tied to this company, and only this company… its management employees, who are compensated by the company (often in the form of stock that they can’t sell till they leave, or that vests over a long time frame).


  • Ironically, it’s more the equivalent of “tech debt”. The older the deity is, the more the worship of that deity has changed over time, and so the more convoluted it gets … because the religion is very different from itself over time.

    E.g., the 8th century Yahweh wasn’t a monotheistic god, he was just the specific god of a particular tribe. They didn’t think of him as all knowing or all powerful, they just wanted a cool story to show how their tribal god was so tough he beat up the gods of the local superpower, sort of a “my dad can beat up your dad” thing. The concept of monotheism didn’t show up in Jewish religion for another 300 or so years