30 Jul '17, 3pm

JOSH BROWN: Here's what's wrong with Howard Marks' latest memo

In what sense can we say that Peugot SA (the company’s official name) exists? There are many Peugot vehicles, but these are obviously not the company. Even if every Peugot in the world were simultaneously junked and sold for scrap metal, Peugot SA would not disappear. It would continue to manufacture new cars and issue its annual report. The company owns factories, machinery and showrooms, and employs mechanics, accountants, and secretaries, but all these together do not comprise Peugot. A disaster might kill every single one of Peugot’s employees, and go on to destroy all of its assembly lines and executive offices. Even then, the company could borrow money, hire new employees, build new factories and buy new machinery. Peugot has managers and shareholders, but neither do they constitute the company. All the managers could be dismissed and all its shares sold, but the com...

Full article: http://www.businessinsider.com/josh-brown-howard-marks-ca...

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