저자: The Buzz · 외국인
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I want to revisit the comments that you made with me a couple of weeks ago comments that at least on Twitter went viral we mentioned more than 10 million views I think we're up to 10 and a half million right now I'd like to re-watch part of that exchange jameth and then I want to react to it on the other side just you keep saying propping up zombie companies are you are you arguing to let Airlines for example fail yes why I mean how does that make sense in the broader scheme of the economy because it's not because when you look at what it means this is why I'm saying like this is a lie that's been purported by Wall Street when a company fails it does not fire their employees it goes through a packaged bankruptcy right if anything what happens is the people who have the pensions inside those companies the employees of these companies end up owning more of the company the people that get wiped out for the speculators that own the unsecured tranches of debt for the folks that owned the equity and by the way those are the rules of the game that's right because these are the people that purport to be the most sophisticated investors in the world they deserve to get wiped up but the employees don't get wiped out the pensions don't typically get like why does anybody do why does anybody deserve using your word to get wiped out from a crisis created like like this just be clear like who are we talking about we're talking about a hedge fund that serves a bunch of billionaire family offices who cares that don't get wiped up who cares they don't get the summer in the Hamptons who cares all right so that was a couple weeks ago and there's a lot in there and I want to go through some of it but you use you know statements like the lie purported by Wall Street you talked about the speculators and you go after hedge funds but here you are Chamath on a day where you're doing an IPO at the New York Stock Exchange raising hundreds of millions of dollars essentially selling this IPO and marketing it to the very speculators that you rail against and I'm wondering how you can square how you square that on a day like today and this is the perfect day to have that conversation well I mean the first thing I would say is that's not true you know there are all kinds of different kinds of hedge funds and investment vehicles and what I will tell you is that a lot of my time in IPO a and again an IPO C was curating the list of investors that you know I would work with and when I look at the list of people that I essentially allowed into the deal at the amount said that they did these are because these are folks that have proven to be long-dated thoughtful people who can take risk but understand businesses look let's shift the topic for one second and we can come back to this what I want to talk about is why I made the comments that I did and why it touched such a nerve there is an interesting facts thought that you should know which is that since 2009 the 500 companies in the S&P 500 so these are the 500 best companies in the world they bought back seven trillion dollars of stock and or issue dividends okay now that turned out to be ninety more than ninety cents of every single dollar of profit that they made over the last 11 plus years the federal government as well as the Fed between monetary and fiscal stimulus combined have essentially transferred around 7 trillion dollars now back to those said companies as well as you know companies slightly smaller than them and I think why I was frustrated is that I just think that that kind of behavior makes no sense and instead of being punished it has been rewarded and if you ask me why here's how I would explain the job of a CEO especially of a public for-profit company is to be a fabulous allocator of resources and there are only two kinds of resources that a CEO controls that matter the first is human capital right the people that work inside of your company and the ideas that they have and the products that they make and the second is financial capital the money that you take to an best and great ideas to protect for the future to prepare for whether it's a pandemic or a shock or a recession or a competitor and the best capital allocators become the best CEOs so if you take a kick company like Facebook or Google there are very capital asset like business so a lot of their skill is in picking great people so takes up he picked Sheryl Sandberg he picked me he put us in positions to build that business he's a fabulous human capital allocator on the other end of the spectrum kate buffett he has no human capital inside a berkshire it's all financial capital but he's a fact it was capital allottee or you take Jeff Bezos the case in the middle where he has both of those two things in all cases great CEOs are great allocators of capital when you do things like buybacks and dividends what you are essentially saying is you're throwing your hands up in the air and declaring to the world I do not know what to do with this money and instead of deciding to save that money to try to do M&A to try to invest in R&D to pay your employees more these people have given it back in an open market purchase now let's look at that for a second why is that a stupid idea well it's a stupid idea for two reasons the first is that it disproportionately only benefits the executives and the CEO and the board because those are the ones that disproportionately get most of the stock inside of a company and it disproportionately benefits those specific hedge funds that were agitating for that behavior in activity who take a short term position and allow themselves to participate in short-term profits and now what happens is the people that believe least in the company ie the people that sell the stock get rewarded and then who's left holding the bag the people that believe in the business let's take a specific example Scotty you can see how bad this is IBM over the last you know decade has spent a hundred and forty billion dollars on by that this is a company with a hundred billion dollar market cap the last CEO found a way to oversee 24 consecutive orders of revenue decline and for that was still able to compensate herself hundred million dollars a stock based on now you'd look at all of this kind of behavior and you can say how is this supported why aren't all these companies trying to figure out how to be more resilient and it turns out that the incentives were so skewed away from being resilient it was only focused on short-term profiteering for the sake of the managerial plastic and the hedge funds around that's of a nobody else
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