Miguel Afonso Caetano<p>"Trump’s crusade to rebalance trade is occurring because the vicious cycle propping up the FIRE sector at the expense of the American people is breaking down. The rise of the multipolar world order disrupts the American oligarchy’s interests. The modernization and economic development of the rest of the world reduces the need for other countries to rely on American imperial hegemony. There are more trade opportunities than ever outside America. Other countries are less reliant on access to American markets, weakening the dollar’s status as reserve currency. </p><p>Any gains for the productive economy from Trump’s tariffs will likely be sabotaged by the FIRE sector’s malinvestment of capital and the foreign-policy establishment’s unwillingness to withdraw from the world. America can’t have its cake (of maintaining the dollar as the global reserve currency) and eat it too (bringing back manufacturing and resolving trade imbalances). The oligarchy cannot be expected to act in America’s best interests, because that is at the expense of its interests. </p><p>Ending the rule of the American oligarchy would require reductions of military spending, ending proxy conflicts, closing bases, and embracing diplomacy. For the FIRE sector, this would entail taxing financial transactions, using central bank window guidance, and establishing a national development bank to direct investment into productive sectors and not to asset price inflation. Tariff policy wouldn’t be used as a retaliatory action, but as a targeted and measured policy tool for incubating critical domestic industries."</p><p><a href="https://www.compactmag.com/article/liberating-america-requires-more-than-tariffs/" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">compactmag.com/article/liberat</span><span class="invisible">ing-america-requires-more-than-tariffs/</span></a></p><p><a href="https://tldr.nettime.org/tags/USA" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>USA</span></a> <a href="https://tldr.nettime.org/tags/Trump" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Trump</span></a> <a href="https://tldr.nettime.org/tags/Tariffs" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Tariffs</span></a> <a href="https://tldr.nettime.org/tags/Financialization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Financialization</span></a> <a href="https://tldr.nettime.org/tags/Globalization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Globalization</span></a> <a href="https://tldr.nettime.org/tags/FreeTrade" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>FreeTrade</span></a> <a href="https://tldr.nettime.org/tags/Protectionism" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Protectionism</span></a></p>
Recent searches
No recent searches
Search options
Only available when logged in.
dmv.community is one of the many independent Mastodon servers you can use to participate in the fediverse.
A small regional Mastodon instance for those in the DC, Maryland, and Virginia areas. Local news, commentary, and conversation.
Administered by:
Server stats:
169active users
dmv.community: About · Status · Profiles directory · Privacy policy
Mastodon: About · Get the app · Keyboard shortcuts · View source code · v4.3.7
#financialization
1 post · 1 participant · 0 posts today
Canadian Association For Food Studies<p>Financialization</p><p>Explore the scholarship on financialization in Canadian Food Studies! No paywalls! Just knowledge sharing!</p><p><a href="https://canadianfoodstudies.uwaterloo.ca/index.php/cfs/search/index?query=%22Financialization%22&dateFromYear=&dateFromMonth=&dateFromDay=&dateToYear=&dateToMonth=&dateToDay=&authors=" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">canadianfoodstudies.uwaterloo.</span><span class="invisible">ca/index.php/cfs/search/index?query=%22Financialization%22&dateFromYear=&dateFromMonth=&dateFromDay=&dateToYear=&dateToMonth=&dateToDay=&authors=</span></a></p><p><a href="https://mstdn.ca/tags/Read" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Read</span></a> all you want! <a href="https://mstdn.ca/tags/OpenAccess" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>OpenAccess</span></a><br><a href="https://mstdn.ca/tags/Share" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Share</span></a> generously! <a href="https://mstdn.ca/tags/KnowledgeSharing" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>KnowledgeSharing</span></a><br><a href="https://mstdn.ca/tags/Grow" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Grow</span></a> your understanding of <a href="https://mstdn.ca/tags/Food" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Food</span></a><br><a href="https://mstdn.ca/tags/Repeat" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Repeat</span></a></p><p><a href="https://mstdn.ca/tags/Farmland" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Farmland</span></a> <a href="https://mstdn.ca/tags/Financialization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Financialization</span></a> <a href="https://mstdn.ca/tags/Concentration" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Concentration</span></a> <a href="https://mstdn.ca/tags/RuralCommunity" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>RuralCommunity</span></a> <a href="https://mstdn.ca/tags/CommunityFinancing" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CommunityFinancing</span></a> <a href="https://mstdn.ca/tags/LocalInvestment" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>LocalInvestment</span></a> <a href="https://mstdn.ca/tags/Cooperatives" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Cooperatives</span></a> <a href="https://mstdn.ca/tags/SustainableFood" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>SustainableFood</span></a> <a href="https://mstdn.ca/tags/FoodSystems" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>FoodSystems</span></a> <a href="https://mstdn.ca/tags/SupplyChain" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>SupplyChain</span></a> <a href="https://mstdn.ca/tags/CanAg" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CanAg</span></a></p>
Canadian Association For Food Studies<p>A review of The Political Economy of Agribusiness: A Critical Development Perspective</p><p>Nil Alt</p><p><a href="https://mstdn.ca/tags/Agribusiness" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Agribusiness</span></a> <a href="https://mstdn.ca/tags/Brazil" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Brazil</span></a> <a href="https://mstdn.ca/tags/CriticalStudies" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CriticalStudies</span></a> <a href="https://mstdn.ca/tags/AgriculturalDevelopment" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>AgriculturalDevelopment</span></a> <a href="https://mstdn.ca/tags/Financialization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Financialization</span></a> <a href="https://mstdn.ca/tags/Farmland" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Farmland</span></a> <a href="https://mstdn.ca/tags/FoodSovereignty" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>FoodSovereignty</span></a> <a href="https://mstdn.ca/tags/PoliticalEconomy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PoliticalEconomy</span></a> <a href="https://mstdn.ca/tags/RuralResistance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>RuralResistance</span></a> <a href="https://mstdn.ca/tags/PeasantResistance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PeasantResistance</span></a> <a href="https://mstdn.ca/tags/IndigenousResistance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>IndigenousResistance</span></a> <a href="https://mstdn.ca/tags/BookReview" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BookReview</span></a> <a href="https://mstdn.ca/tags/CurrentlyReading" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CurrentlyReading</span></a> <a href="https://mstdn.ca/tags/Books" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Books</span></a> </p><p><a href="https://mstdn.ca/tags/Read" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Read</span></a> all you want! <a href="https://mstdn.ca/tags/OpenAccess" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>OpenAccess</span></a><br><a href="https://mstdn.ca/tags/Share" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Share</span></a> generously! <a href="https://mstdn.ca/tags/KnowledgeSharing" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>KnowledgeSharing</span></a><br><a href="https://mstdn.ca/tags/Grow" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Grow</span></a> your understanding of <a href="https://mstdn.ca/tags/Food" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Food</span></a><br><a href="https://mstdn.ca/tags/Repeat" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Repeat</span></a></p><p><a href="https://canadianfoodstudies.uwaterloo.ca/index.php/cfs/article/view/711" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">canadianfoodstudies.uwaterloo.</span><span class="invisible">ca/index.php/cfs/article/view/711</span></a></p>
Miguel Afonso Caetano<p>"This article explores the puzzling ups and downs of Tesla, going through one the most volatile stock market swings of the recent past, under conditions of financialised capitalism. We adopt a conjunctural approach, highlighting both the macro and micro dynamics shaping the firm’s financial market trajectory. Among these, meticulously maintained narratives, boosted by social media, attracted dedicated followers, while the rise of new retail trading platforms and excitement around Tesla’s index inclusion helped in producing its stock ‘mementum’. This volatility was further supported by an exceptionally large volume of financial derivatives trading, paralleling a public battle between short sellers and the company’s defenders. The resulting stock market boom enabled Tesla to stabilise its finances, whilst its ‘mercurial’ CEO Elon Musk negotiated the largest executive compensation package in US corporate history, turning him into the world’s richest individual. In conclusion, we argue that Tesla serves as an emblematic case of an increasingly tech-driven financialised capitalism, which scholars could use as a window to study future conjunctures."</p><p><a href="https://www.cambridge.org/core/journals/finance-and-society/article/capitalising-on-conjunctures-teslas-ups-and-downs-in-financialised-capitalism/004CA3F5233945EA10402713ECC1C830" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">cambridge.org/core/journals/fi</span><span class="invisible">nance-and-society/article/capitalising-on-conjunctures-teslas-ups-and-downs-in-financialised-capitalism/004CA3F5233945EA10402713ECC1C830</span></a></p><p><a href="https://tldr.nettime.org/tags/Tesla" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Tesla</span></a> <a href="https://tldr.nettime.org/tags/Musk" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Musk</span></a> <a href="https://tldr.nettime.org/tags/FinancializedCapitalism" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>FinancializedCapitalism</span></a> <a href="https://tldr.nettime.org/tags/Finance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Finance</span></a> <a href="https://tldr.nettime.org/tags/MemeStock" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MemeStock</span></a> <a href="https://tldr.nettime.org/tags/BigTech" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BigTech</span></a> <a href="https://tldr.nettime.org/tags/Speculation" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Speculation</span></a> <a href="https://tldr.nettime.org/tags/Financialization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Financialization</span></a></p>
Canadian Association For Food Studies<p>A review of The Political Economy of Agribusiness: A Critical Development Perspective</p><p>Nil Alt</p><p><a href="https://mstdn.ca/tags/Agribusiness" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Agribusiness</span></a> <a href="https://mstdn.ca/tags/Brazil" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Brazil</span></a> <a href="https://mstdn.ca/tags/CriticalStudies" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CriticalStudies</span></a> <a href="https://mstdn.ca/tags/AgriculturalDevelopment" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>AgriculturalDevelopment</span></a> <a href="https://mstdn.ca/tags/Financialization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Financialization</span></a> <a href="https://mstdn.ca/tags/Farmland" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Farmland</span></a> <a href="https://mstdn.ca/tags/FoodSovereignty" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>FoodSovereignty</span></a> <a href="https://mstdn.ca/tags/PoliticalEconomy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PoliticalEconomy</span></a> <a href="https://mstdn.ca/tags/RuralResistance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>RuralResistance</span></a> <a href="https://mstdn.ca/tags/PeasantResistance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PeasantResistance</span></a> <a href="https://mstdn.ca/tags/IndigenousResistance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>IndigenousResistance</span></a> <a href="https://mstdn.ca/tags/BookReview" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BookReview</span></a> <a href="https://mstdn.ca/tags/CurrentlyReading" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CurrentlyReading</span></a> <a href="https://mstdn.ca/tags/Books" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Books</span></a> <br> <br><a href="https://mstdn.ca/tags/Read" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Read</span></a> all you want! <a href="https://mstdn.ca/tags/OpenAccess" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>OpenAccess</span></a><br><a href="https://mstdn.ca/tags/Share" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Share</span></a> generously! <a href="https://mstdn.ca/tags/KnowledgeSharing" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>KnowledgeSharing</span></a><br><a href="https://mstdn.ca/tags/Grow" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Grow</span></a> your understanding of <a href="https://mstdn.ca/tags/Food" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Food</span></a><br><a href="https://mstdn.ca/tags/Repeat" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Repeat</span></a></p><p><a href="https://canadianfoodstudies.uwaterloo.ca/index.php/cfs/article/view/711" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">canadianfoodstudies.uwaterloo.</span><span class="invisible">ca/index.php/cfs/article/view/711</span></a></p>
Louis V. Galdieri<p>Now that Twitter is a Junkyard, I Need a Way to Deal with the Twitter Posts Cited on this Blog</p><p>“Live, ongoing connections to people – not your old posts or your identifiers – impose the highest switching costs for any social media service,” argues Cory Doctorow in a recent post. Well, yeah, but hear me out. </p><p><a href="http://lvgaldieri.com/2024/12/17/now-that-twitter-is-a-junkyard-i-need-a-way-to-deal-with-the-twitter-posts-cited-on-this-blog/" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">http://</span><span class="ellipsis">lvgaldieri.com/2024/12/17/now-</span><span class="invisible">that-twitter-is-a-junkyard-i-need-a-way-to-deal-with-the-twitter-posts-cited-on-this-blog/</span></a></p><p><a href="https://mastodon.social/tags/collapse" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>collapse</span></a> <a href="https://mastodon.social/tags/enshittification" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>enshittification</span></a> <a href="https://mastodon.social/tags/financialization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>financialization</span></a> <a href="https://mastodon.social/tags/hyperfinancialization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>hyperfinancialization</span></a> <a href="https://mastodon.social/tags/mutualAid" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>mutualAid</span></a> <a href="https://mastodon.social/tags/socialCollapse" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>socialCollapse</span></a> <a href="https://mastodon.social/tags/socialMedia" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>socialMedia</span></a> <a href="https://mastodon.social/tags/switchingCosts" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>switchingCosts</span></a> <a href="https://mastodon.social/tags/Wordpress" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Wordpress</span></a></p>
Canadian Association For Food Studies<p>Food by Jennifer Clapp</p><p>Reviewed by Christopher Yordy</p><p><a href="https://mstdn.ca/tags/Food" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Food</span></a> <a href="https://mstdn.ca/tags/Economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Economy</span></a> <a href="https://mstdn.ca/tags/WorldFoodEconomy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>WorldFoodEconomy</span></a> <a href="https://mstdn.ca/tags/GlobalFoodMarkets" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>GlobalFoodMarkets</span></a> <a href="https://mstdn.ca/tags/Financialization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Financialization</span></a> <a href="https://mstdn.ca/tags/BookReview" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BookReview</span></a> <a href="https://mstdn.ca/tags/CurrentlyReading" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CurrentlyReading</span></a> <a href="https://mstdn.ca/tags/BooksAboutFood" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BooksAboutFood</span></a> </p><p><a href="https://mstdn.ca/tags/Read" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Read</span></a> all you want! <a href="https://mstdn.ca/tags/OpenAccess" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>OpenAccess</span></a><br><a href="https://mstdn.ca/tags/Share" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Share</span></a> generously! <a href="https://mstdn.ca/tags/KnowledgeSharing" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>KnowledgeSharing</span></a><br><a href="https://mstdn.ca/tags/Grow" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Grow</span></a> your understanding of <a href="https://mstdn.ca/tags/Food" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Food</span></a><br><a href="https://mstdn.ca/tags/Repeat" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Repeat</span></a><br> <br><a href="https://canadianfoodstudies.uwaterloo.ca/index.php/cfs/article/view/36" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">canadianfoodstudies.uwaterloo.</span><span class="invisible">ca/index.php/cfs/article/view/36</span></a></p>
Chuck Darwin<p>And — oh, here’s an interesting cash windfall — <a href="https://c.im/tags/Texas" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Texas</span></a> <a href="https://c.im/tags/Instruments" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Instruments</span></a> raised about 💥$2.5 billion by selling stock over these five years. </p><p>Wait, what? </p><p>Selling stock, not buying stock? ⁉️</p><p>Selling stock to whom? </p><p>Hold that thought …</p><p>Put it all together and I figure the company generated about $25 billion in truly free cash flow over this 5-year span. ‼️</p><p>What is management going to spend this treasure chest on?</p><p>Well, surely you’re going to spend a healthy amount on <a href="https://c.im/tags/capital" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>capital</span></a> <a href="https://c.im/tags/expenditures" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>expenditures</span></a>, right? </p><p>I mean, you took a $5.2 billion depreciation and amortization charge over this time span, <br>and we all know that semiconductor manufacturers need to stay on that bleeding edge of technological innovation to keep earnings growing in the future, right?</p><p>Nope. </p><p>Texas Instruments spent $3.3 billion on fixed assets from 2014 through 2018, one-third of that total in 2018. </p><p>Some significant proportion of that was maintenance capex as opposed to growth capex.</p><p>Well, if you didn’t spend your money on property, plant and equipment, then surely you spent a healthy sum in <a href="https://c.im/tags/MandA" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MandA</span></a>, right?</p><p>Nope. $1.6 billion over five years. Tuck-in stuff.</p><p>I guess you were paying down debt, then. <a href="https://c.im/tags/Deleveraging" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Deleveraging</span></a> up a storm, right?</p><p>Nope. Paid down debt by $500 million a year in 2014, 2015 and 2016, but increased debt by $500 million in 2017 and $1 billion in 2018.</p><p>So it’s <a href="https://c.im/tags/dividends" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>dividends</span></a>, right? This is where all the cash went?</p><p>Now we’re getting there: <br>⭐️$9.1 billion in dividends over five years. A healthy direct return of capital to shareholders.</p><p>But it’s just a warm-up to the main event: </p><p>$15.4 billion in <a href="https://c.im/tags/buying" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>buying</span></a> <a href="https://c.im/tags/back" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>back</span></a> <a href="https://c.im/tags/stock" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>stock</span></a> from 2014 through 2018.</p><p>⭐️Between stock buybacks and dividends, that’s $24.5 billion in cash “returned to shareholders”, </p><p>essentially 100% of the free cash flow generated by the company over the past five years.❗️</p><p>Now here’s the kicker.</p><p>What sort of share-count reduction would you think that this $15.4 billion in buybacks gets you? </p><p>I mean, that is the logic here, that investing $15.4 billion in the company’s own stock is the best possible capital allocation that the company can make.</p><p>I would have guessed that surely<br> $15.4 billion would retire anywhere from 20% to 25% of the shares outstanding over this time frame, <br>with the stock price ranging from $40 to $100.</p><p>♦️In truth, Texas Instruments retired only 10% of its outstanding diluted shares with its $15.4 billion investment, <br>going from 1.1 billion shares to 990 million shares.</p><p>⚠️But wait, there’s more.</p><p>From 2014 through 2018, Texas Instruments bought back 228.6 million shares for $15.4 billion. </p><p>That works out to an average ♦️purchase price of $67.37.</p><p>Over that same span, Texas Instruments sold 90.8 million shares to management and board members as they exercised options and restricted stock grants, for a total of $2.5 billion. </p><p>That works out to an average ♦️sale price of $27.51. </p><p>⚠️The difference in average purchase price and average sale price, multiplied by the number of shares so affected, is $3.6 billion.</p><p>🔥In other words, 40% of Texas Instrument’s stock buybacks over this five-year period <br>🧨were used to sterilize stock issuance to senior management and the board of directors, who received $3.6 billion in direct value from these buybacks.👀</p><p>♦️But wait, there’s more …</p><p>As of Dec. 31, 2018 there were still 40 million shares outstanding in the form of options and restricted stock grants to management and directors, <br>at an average weighted exercise price of $55. </p><p>At today’s stock price, that means an additional $2.6 billion in stock-based compensation has already been awarded.</p><p>Well golly, these surely must have been <a href="https://c.im/tags/amazing" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>amazing</span></a> <a href="https://c.im/tags/managers" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>managers</span></a> and directors to warrant that sort of stock-based compensation in addition to their cash compensation.</p><p>This is the performance of Texas Instruments (in white) and the iShares PHLX Semiconductor ETF (in gold) over the same five years. </p><p>Texas Instruments is the fifth-largest position in that ETF and that underlying index, with a 7.1% weight.</p><p>⚠️For the past five years, Texas Instruments has been nothing more than a tracking stock for a passive semiconductor index. </p><p>🆘And for this privilege, shareholders have rewarded management and directors with<br>💰 $6.2 billion in stock, plus a couple of billion in cash compensation.</p><p>‼️That’s why it’s never been a better time in the history of the world to be a senior manager of a publicly traded company.</p><p>It’s a crying shame, because here’s the thing … the total return on owning Texas Instruments is, in fact, 👉15% higher than the ETF over this five-year span.</p><p>❇️Because of the dividend.</p><p>Do you want to run your company for cash generation? </p><p>Do you want to return that cash to shareholders? </p><p>Great!</p><p>➡️ Use a special dividend, not buybacks.</p><p>There, fixed it for you.</p><p> <a href="https://c.im/tags/financialization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>financialization</span></a> <a href="https://c.im/tags/Share" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Share</span></a> <a href="https://c.im/tags/buybacks" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>buybacks</span></a></p><p><a href="https://www.epsilontheory.com/yeah-its-still-water/" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">epsilontheory.com/yeah-its-sti</span><span class="invisible">ll-water/</span></a></p>
Chuck Darwin<p>Texas Instruments recently caught my eye. </p><p>And while I decided to dig into its story, what happened isn’t unique to this company.</p><p>Texas Instruments is, in fact, a poster child for <a href="https://c.im/tags/financialization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>financialization</span></a>. </p><p>And there’s nothing illegal or incompetent about it.</p><p>I’m going to focus on a five-year stretch of the company’s financials, <br>from 2014 through 2018. </p><p>This is where the truly meteoric stock-price appreciation took place over the past 10 years, <br>even with the stock market’s swoon in the fourth quarter of 2018, <br>and comparing full-year financials makes for a more apples-to-apples comparison.</p><p>But before I get into the numbers, let me tell you the story.</p><p>The Texas Instruments story is free cash flow and earnings growth that management “returns to shareholders”. </p><p>Earnings per share on a fully diluted weighted basis has more than doubled from 2014 through 2018, <br>net income available to shareholders on a GAAP basis has doubled, <br>and cash from operations has almost doubled.</p><p>What makes this a story of financialization is the why of the very real free cash flows and earnings growth and the how of the allocation of those cash flows and earnings.</p><p>The why is pretty simple. Management has cut its cost structure to the everlovin’ bone<br> <a href="https://c.im/tags/Share" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Share</span></a> <a href="https://c.im/tags/buybacks" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>buybacks</span></a></p>
Miguel Afonso Caetano<p><a href="https://tldr.nettime.org/tags/Housing" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Housing</span></a> <a href="https://tldr.nettime.org/tags/Financialization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Financialization</span></a> <a href="https://tldr.nettime.org/tags/Homelessness" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Homelessness</span></a> <a href="https://tldr.nettime.org/tags/Cities" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Cities</span></a> <a href="https://tldr.nettime.org/tags/Capitalism" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Capitalism</span></a> <a href="https://tldr.nettime.org/tags/Inequality" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Inequality</span></a>: "The crisis of housing affordability took years to emerge, and it’ll take years to solve. And there’s no single solution to the problem, which irks politicians and policy types who’d like to sell you on this “one weird trick” to make the problem vanish overnight. Housing expert Carolyn Whitzman once pointed out to me that it will take years of rising incomes and stable prices to really make a difference. Shortcuts run the risk of tanking existing equity and the fortunes of those who rely on their biggest asset to make it to and through retirement.</p><p>Whitzman was also quick and careful to point out that nonmarket housing is an essential part of any answer to the problem. In the United States, the idea of a green social housing development authority provides some hope for tackling two problems at once: housing and climate change. In Vienna, Austria, rents are much lower than similar cities in Europe thanks to its 220,000 socialized housing units.</p><p>The Vienna case is proof of concept that socialized housing works to provide affordable, high-quality places to live. It follows that scaling up that model would mean more people have affordable, high-quality places to live. Ending the financialization of housing, which has contributed to the crisis, would go hand-in-hand with this approach."</p><p><a href="https://jacobin.com/2024/07/housing-crisis-homelessness-financialization/" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">jacobin.com/2024/07/housing-cr</span><span class="invisible">isis-homelessness-financialization/</span></a></p>
Canadian Association For Food Studies<p>Beef, Beans, or Byproducts?<br>Following Flexitarianism’s Finances</p><p>Kelsey Speakman</p><p><a href="https://mstdn.ca/tags/Flexitarianism" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Flexitarianism</span></a> <a href="https://mstdn.ca/tags/Canada" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Canada</span></a> <a href="https://mstdn.ca/tags/Supermarkets" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Supermarkets</span></a> <a href="https://mstdn.ca/tags/CanadianBeef" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CanadianBeef</span></a> <a href="https://mstdn.ca/tags/PlantBased" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PlantBased</span></a> <a href="https://mstdn.ca/tags/Substitutes" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Substitutes</span></a> <a href="https://mstdn.ca/tags/Meat" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Meat</span></a> <a href="https://mstdn.ca/tags/Shopping" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Shopping</span></a> <a href="https://mstdn.ca/tags/ESG" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>ESG</span></a> <a href="https://mstdn.ca/tags/Financialization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Financialization</span></a> </p><p><a href="https://mstdn.ca/tags/Read" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Read</span></a> all you want! <a href="https://mstdn.ca/tags/OpenAccess" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>OpenAccess</span></a><br><a href="https://mstdn.ca/tags/Share" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Share</span></a> generously! <a href="https://mstdn.ca/tags/KnowledgeSharing" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>KnowledgeSharing</span></a><br><a href="https://mstdn.ca/tags/Grow" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Grow</span></a> your understanding of <a href="https://mstdn.ca/tags/Food" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Food</span></a><br><a href="https://mstdn.ca/tags/Repeat" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Repeat</span></a> </p><p><a href="https://canadianfoodstudies.uwaterloo.ca/index.php/cfs/article/view/638" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">canadianfoodstudies.uwaterloo.</span><span class="invisible">ca/index.php/cfs/article/view/638</span></a></p>
Canadian Association For Food Studies<p>Beef, Beans, or Byproducts?<br>Following Flexitarianism’s Finances</p><p>Kelsey Speakman</p><p><a href="https://mstdn.ca/tags/Flexitarianism" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Flexitarianism</span></a> <a href="https://mstdn.ca/tags/Canadian" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Canadian</span></a> <a href="https://mstdn.ca/tags/Supermarkets" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Supermarkets</span></a> <a href="https://mstdn.ca/tags/CanadianBeef" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>CanadianBeef</span></a> <a href="https://mstdn.ca/tags/Beef" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Beef</span></a> <a href="https://mstdn.ca/tags/PlantBased" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PlantBased</span></a> <a href="https://mstdn.ca/tags/Shopping" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Shopping</span></a> <a href="https://mstdn.ca/tags/MeatSubstitutes" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>MeatSubstitutes</span></a> <a href="https://mstdn.ca/tags/Financialization" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Financialization</span></a> <a href="https://mstdn.ca/tags/Canada" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Canada</span></a> <a href="https://mstdn.ca/tags/Loblaws" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Loblaws</span></a> <a href="https://mstdn.ca/tags/FoodPrices" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>FoodPrices</span></a> </p><p><a href="https://mstdn.ca/tags/Read" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Read</span></a> all you want! <a href="https://mstdn.ca/tags/OpenAccess" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>OpenAccess</span></a><br><a href="https://mstdn.ca/tags/Share" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Share</span></a> generously! <a href="https://mstdn.ca/tags/KnowledgeSharing" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>KnowledgeSharing</span></a><br><a href="https://mstdn.ca/tags/Grow" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Grow</span></a> your understanding of <a href="https://mstdn.ca/tags/Food" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Food</span></a><br><a href="https://mstdn.ca/tags/Repeat" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Repeat</span></a> </p><p><a href="https://canadianfoodstudies.uwaterloo.ca/index.php/cfs/article/view/638" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">canadianfoodstudies.uwaterloo.</span><span class="invisible">ca/index.php/cfs/article/view/638</span></a></p>
ExploreLive feeds
Mastodon is the best way to keep up with what's happening.
Follow anyone across the fediverse and see it all in chronological order. No algorithms, ads, or clickbait in sight.
Create accountLoginDrag & drop to upload