Conjecture: an index of stocks of companies that gave out bonuses to employees "because of tax reform" will under-perform the rest of the market for the next 1, 2 and 3 years.
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I just mean they're price takers in the labor market. I try to maintain broad categories of "ok" to avoid making judgments that these guys are poor managers. I just think if you have to compete on price not only do costs go up, but your marginal employees are... not so great.
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There are a lot of times where being "OK" will lead to a bad result. I'm not accusing the management of say At&T or WMT of being "bad," I'm just saying they're stuck in a tough place.
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Ah, thanks.
End of conversation
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