Our gambling culture larry fink

Evidencing even greater hubris is Blackrock CEO Larry Fink bemoaning America’s short term thinking in Our Gambling Culture. Has Larry Fink the hubris bubble. Apr 10,  · Larry Fink, CEO of Blackrock, A “gambling culture” that has transcended Wall Street, Main Street, Government, and Households. Reflections on Our Short Term, Gambling Culture by Victor Sperandeo with the Curmudgeon. Background (by the Curmudgeon): Larry Fink, Chairman and CEO of BlackRock was the focus of a NY Times story a few weeks ago about the letter he wrote to each of the S&P company CEOs.

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Competitive, innovative commercial sector 6. Should Bill Gates, Warren Buffett etc. This year the best education, in my opinion, came from the chief portfolio manager of Prudential the insurance company. Change the structure of investment products to reward long-term equity ownership behaviors. They must set the stage to attract the patient capital they seek: What is not often clear is how government regulation is influencing short-term investments rather than long-term investments.

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Larry Fink

I totally agree with this excerpt from Fink's McKinsey article: In the short run, we are rewarding shareholders, which causes the stock to spike. But to the extent that those cash expenditures starve corporate investment, the economy suffers. In particular, people who are riding the current wave will pay for it later when the ability to generate revenue in the long term dries up because of the lack of investment in the future.

Fink cites greed as one reason for short term mentality that's so prevalent today. The dictionary says it is an "excessive desire for more of something as money than is needed. Should Bill Gates, Warren Buffett etc. What number is that Under government policy, the three classic killers of long term planning with incentives for creating businesses and jobs are: Fed policy, taxes, and excess regulations. We all have a feel of how Fed policy effects investing by distorting and causing the misallocation of capital, as the Curmudgeon has discussed and explained many times.

Lastly, the primary focus of the Democratic Party platform for is based on envy or "inequality. For example, capital gains taxes went up A tax law which is guaranteed to be stable would be a huge incentive for long term investing.

That would surely incentivize longer term investing. Fink told the NY Times he recommends that gains on investments held for less than three years be taxed as ordinary income, not at the usually lower long-term capital gains rate, which now applies after one year.

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A reasonable level of healthcare 3. Competitive, innovative commercial sector 6. Conservation of natural resources 7. Misalignment of incentives in the United States tax code. But make no mistake: As the amount of capital grows, arguably, wealth creation is more susceptible to the short-term influences of greed. Wealth creation can be a powerful force to combat short-sighted influences of greed. This effectively keeps the short-termism and long-termism biases in-check.

Wealth creation and greed are not mutually exclusive. Alternatively, principled wealth creation can be a positive force for balancing the allocation of capital. Where is the high road? It is good when aligned with: That wisdom holds true in this case. It takes critical thinking, extra effort, more negotiation, and a boat load of persistence. To say it another way, it takes more alignment and whole lotta patience. How short is short-term? How long is long-term?

Whether a capital allocation decision is a short-term or b long-term is defined by the relative amount of time between two or more alternatives.

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That allows latitude for a wide range of varying scenarios in days, months, years, decades, and perhaps centuries. And I believe while short-term risk-taking is alive and well, residual fear from the Great Recession is still motivating corporations to hoard cash.

For the sake of economic development, corporate growth, and enduring prosperity — more impetus for long-term risk-taking and cash deployment is vitally necessary.


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Your gambling goes from a fun, harmless diversion to an unhealthy obsession with serious consequences. Whether you bet on sports, scratch cards, roulette, poker, or slots—in a casino, at the track, or online—a gambling problem can strain your relationships, interfere with work, and lead to financial disaster. You may even do things you never thought you would, like running up huge debts or even stealing money to gamble.

What is gambling addiction and problem gambling? Of course, you can also have a gambling problem without being totally out of control. A gambling addiction or problem is often associated with other behavior or mood disorders.

Many problem gamblers also suffer with substance abuse issues, unmanaged ADHD, stress, depression, anxiety, or bipolar disorder. The first step is to separate the myths from the facts about gambling problems: You have to gamble every day to be a problem gambler. A problem gambler may gamble frequently or infrequently. Gambling is a problem if it causes problems. Problem gambling is not really a problem if the gambler can afford it.

Problems caused by excessive gambling are not just financial. Too much time spent on gambling can also lead to relationship and legal problems, job loss, mental health problems including depression and anxiety, and even suicide. Having a gambling problem is just a case of being weak-willed, irresponsible, or unintelligent. Gambling problems affect people of all levels of intelligence and all backgrounds.

Previously responsible and strong-willed people are just as likely to develop a gambling problem as anyone else. Partners of problem gamblers often drive their loved ones to gamble. Problem gamblers often try to rationalize their behavior.



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