DANOY - The Responsibility Of Freedom

• The ESG craze that is heading into bubble territory is well-intentioned and we welcome the effort, but is doomed to fail as a box-checking exercise. More Nikolas and Volkswagens will be created as a result and perhaps damage the overall credibility of the movement.
• The history of regulation is largely driven by the need to counteract the monopolistic urges inherent in nearly all of us, but carries its own anti-competitive and corrupt influences.
• Monopolies have a much more limited history of generating value than popularly believed. Rather, companies build value as they become a monopoly, not after they achieve that status.
• A story from my family’s past, involving the banana trade war waged from New Orleans, illustrates the merits of becoming a monopoly as opposed to being one.
• Freedom to create and operate must be directly linked to the amount of responsibility a company shoulders. Monopolies typically do a very poor job, and today’s are no exception.

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