Why Some Excellent Companies Would Make Disastrous Personal Investments

In 1923, a lawyer from Columbia University named Robert Lee Hale wrote the charmingly titled “Coercion and Distribution in a Supposedly Non-Coercive State” to argue that there is a significant gap between the theory of a how is supposed to work and how it actually gets applied in practice. It was Hale’s work, along with the Supreme Court opinions written by justice Oliver Wendell Holmes, that helped give rise to a school of philosophy called legal realism in which you focus on the real-world effects of laws rather than regarding laws as self-executing principles that get properly applied as intended.

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Why Kellogg Stock Gets Ignored By Blue-Chip Investors

In 2012, Kellogg sold $14.1 billion worth of cold cereals, cookies, crackers, waffles, snack bars, pastries, and those Lord-knows-what things you put into a toaster. In 2013, Kellogg sold $14.7 billion. In 2014, Kellogg sold $14.7 billion. And, over the course of 2015, Kellogg is expected to sell $14.7 billion worth of its food. The revenue growth has been sluggish, and absent a large buyback program to act as a countervailing force, this explains why Kellogg does not get nearly as much coverage as other companies in the blue-chip sphere.

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