Folks are treating the recent tech layoffs as something spontaneous. They were not. Apparently the current layoffs were orchestrated by hedge funds.
This hedge fund demanded that the big tech companies lay people off because they were being paid too much. Let that one sink in: a hedge fund manager saying that you're being paid too much.
Note that TCI is demanding that Google lay off more people.
Wow, if I'd had any idea this was going to be so popular I'd have put more work into it.
A lot of evil in the world could be prevented by outlawing hedge funds.
@fuzzychef Note that TCI holds less than 0.3% of GOOG/L, but those 0.3% are 16% of their investments. It's unlikely that TCI could legitimately pressure Google to do anything, while they need to present themselves as the drivers in this story to their investors.
That said, such letters are still interesting because they provide a glimpse into what the owner class thinks - it's not like that guy has any original thought, so whatever he states transfers pretty well to everybody else in that crowd.
That said, such letters are still interesting because they provide a glimpse into what the owner class thinks - it's not like that guy has any original thought, so whatever he states transfers pretty well to everybody else in that crowd.
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@patrick There's other evidence that TCI is just demanding clumsily what other funds already did in a much more subtle and successful way.