Going over old stuff and saw this. Yeah, this held up well. You might retweet.
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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@vgr It rises because of anticipation of stock buybacks by companies bringing their cash back from tax havens thanks to tax deals with USG.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@vgr In raw economic terms, this is a very valid reason for stocks to go up.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@vgr But it would be better for the whole economy, over long term, if these companies invested the cash to increase productivity.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@vgr One one level it's a typical example of end-of-cycle malinvestment, enabled by cheap credit and regulatory tweaks.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@vgr On another level, this is a symptom of a lack of imagination (how to use that cash?) and faith in the future. Paging@peterthielThanks. Twitter will use this to make your timeline better. UndoUndo
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