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.
A similar shift is taking place in the field of investing … Read the rest of this article!
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.
On conference calls, Kellogg executives have described the breakfast tastes of Americans (who contribute $950 million towards the $1.4 billion in annual profits … Read the rest of this article!