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GSCO upgrading BAC is kind of like Ted Kennedy endorsing John Kerry. Or Rush plugging Hannity. Or George Soros endorsing Al Franken. Or Donald Trump describing the beauty of Mar-a-Lago. No. Just let me know when Meredith upgrades Bank of America instead, thank you very much…
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There is a great editorial commentary in Barron’s this week. It is entitled, “Time for Empathetic Capitalism”. Key points of the article are as follows: – The core principle of capitalism is not the greedy pursuit of self-interest, as Adam Smith’s Wealth Of Nations implies, but rather it is the single-minded effort to create value for others, as Adam Smith opined in his earlier, and less quoted, The Theory Of Moral Sentiments. Barron’s talks about Ford as an example. – “Global capitalism” recently failed, as it was never genuine capitalism at all. There was no creating of long term value.
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