Last week, thousands of listed companies were told to get woke… or else.
Nasdaq (Nasdaq: NDAQ) today filed a proposal with the U.S. Securities and Exchange Commission (SEC) to adopt new listing rules related to board diversity and disclosure. If approved by the SEC, the new listing rules would require all companies listed on Nasdaq’s U.S. exchange to publicly disclose consistent, transparent diversity statistics regarding their board of directors. Additionally, the rules would require most Nasdaq-listed companies to have, or explain why they do not have, at least two diverse directors, including one who self-identifies as female and one who self-identifies as either an underrepresented minority1 or LGBTQ+. Foreign companies and smaller reporting companies would have additional flexibility in satisfying this requirement with two female directors.
There used to be a time when running a company meant answering to the owners of the company, namely the shareholders.
This was true whether the company was Bill and Betty’s diner owned by… well, Bill and Betty. And it was also true of listed companies with thousands of employees.
But allowing individuals’ the ability to choose what to do with their time, skills, and money amounts to freedom, and the socialists hate freedom. So here we are in a world where we’re not only told what to think, but forced to accept every new policy, no matter how absurd and destructive.
Nasdaq is simply yet another organisation in an ever growing list of Western corporates to cave to the new religion.
I had to look up who runs Nasdaq at the moment, and I must say I was very surprised to see that this is who runs the show.
I was surprised because frankly, judging by this absurd new regulation her firm is implementing, I fully expected to find someone whose eyes are too close together because bright, she clearly is not.
Let me step in and clear it up for you.
What is brewing behind the scenes is a simmering tension between normal people and raving lunatics. But because the lunatics are wildly intolerant, employing every tactic possible in their handbook — from cancel culture, to legislating — they are winning.
Not only are they winning, they’re racking up points faster than normal people can keep count, which is why normal people are in a state of shock, still trying desperately to negotiate, discuss, and understand WTF is going on.
Normal people are reassuring themselves this will all pass, wishing for simpler times when these do-gooders sat in their day jobs, pretending to be useful while watching videos of drunk Russians or Asians falling off of motorbikes, which would render them merely useless but importantly not destructive.
Sadly, this will not pass, and entertaining the idea it will simply exposes one to greater risk.
If we are to be honest, we know this. Power, once obtained, is not something easily and willingly relinquished and the cultural Marxists most certainly won’t be relinquishing the immense power they now have without a fight.
Speaking of Asians and Ruskies, I tell you what… The idea either would change board compositions so as not to send some hand-wringing, teeth-gnashing woke puritan into a temper tantrum goes down like a warm bowl of sick.
Rest assured, we’ll see this so called “toxic masculinity” continue apace, just not in the countries which have allowed this cancer to manifest. In a nutshell, this means the East charges ahead, capturing market share in… well, everything.
Imagine, if you will, you’re looking at taking your company public and are faced with finding yourself an investment banking team to build your book for you.
So you head down to the vampire squid, Goldmans Sachs, and they tell you sorry, no more all white male boards:
Goldman Sachs CEO David Solomon has a plan to end the era of all-male, all-white corporate boards: The investment bank will refuse to take a company public unless it has at least one woman or non-white board member. The move could make a big difference with male-dominated startups, experts say.
Where is your half black, one quarter Native American Indian, transgender board member?
So you go elsewhere. Why wouldn’t you?
But increasingly finding a Western investment bank that hasn’t bowed to the new religion proves difficult. So you go offshore. Next, you look to where you’re going to domicile and on what exchange you’ll be raising your capital. Hmmmm!
Today, these are the world’s top 10 stock exchanges:
- Hong Kong
You tell me what this looks like 10 years from now… go on, give it a whirl right here:
In 1918, US Senator Hiram Warren Johnson is purported to have said that the first casualty when war comes is truth. In 1928, Arthur Ponsonby’s wrote: “When war is declared, truth is the first casualty.”
Clearly, these gents were onto something.
Look around you today… Where can one find rebuttals to this insanity in the mainstream media?
And so just as you’ll not find critical commentary on this, don’t expect to hear of this transition of capital via your mainstream media channels. And furthermore, expect it to be censored on your social media channels, because even mentioning it is tantamount to treason in the eyes of the Marxists.
But rest assured, capital always moves to where it is treated best. Always.
And increasingly, that is not in the places we all grew accustomed to doing business in and investing in.
Now, you can either choose to acknowledge this reality and begin building your portfolio for tomorrow’s world — as we are — or you can do as your social media oligarchs will have you do — continue investing in the S&P.
If your portfolio is built upon the world, as it was a decade ago, it is our humble belief you’re “pha-king” crazy, because not only will it underperform, but the Marxists will be coming for anything and everything you’ve not tied down.
Oh, and as an unashamed capitalist, you can join us here.