SHOULD Business Leaders Be More Careful About Their Opinions?

Our freedom of speech is a very important thing, and something that I have never taken lightly. Part of what I do is to communicate my thoughts, and having the freedom to share them is paramount. Which brings me to revisiting some comments I made a couple of posts ago, wherein I suggested that "Business Leaders May Be Wise to Just Clam Up."

One of the guys I mentioned was one very vocal business leader, Elon Musk. I think it would be fair to say that a lot of the time he's in the news more for what he says than what his businesses do. And it's caused some problems for him as well as some of his shareholders.

Whether it's right or wrong, businesses take hits for things the CEO's and owners say. Either the customers respond, or shareholders do.

Take Anheuser-Busch, Bud Light, and the Dylan Mulvaney can, or the My Pillow guy.

As I alluded to in my other post, it's not always necessarily about which side your position happens to be on. Chick-Fil-A, for example, has strong opinions against abortion and gay marriage, as does Hobby Lobby. Their businesses have soared with support from a like-minded clientele who agree with their stance.

The point is that, even though these are businesses separate of people, they are still run by people. And the people who run them have just as much of a right to express themselves as the rest of us do.

Should exercising our rights cost us?

In my post I said that it often does, but also suggested maybe it shouldn't. That at the end of the day perhaps it would be better to simply say of any CEO, "Hey, I disagree with what he's saying, but I like the product and can respect his right to say what he wants."

What has led me to revisit this train of thought has been things Elon Musk has recently said. Things that resonate with me and cause me to rethink my own stance a little bit. 

I still think it is probably best, in this ever-heated world we live in when it comes to politics, to pipe it down as much as you can and keep the best interests of the business in mind. Because if the business is impacted, it hurts more people than just the one who holds a particular belief.

There are workers and shareholders at stake. They all have just as much invested in the business as the CEO's and owners do. At least in terms of the workers, it's their livelihoods on the line.

Take, for example, the other day as I was in the liquor aisle at my local grocery store. I drink Miller Lite because that's my beer of choice. But I have been hard on Anheuser-Busch for their Dylan Mulvaney can and have written several times saying that "we should bring the pain and let woke know what happens when you go there."

The Bud Light pain lives on, and rather than restocking the cold case, all that AB merchandiser could do was make note of what remained on the shelf that just won't sell. You have to think he wonders, if the boycott continues, what impact that could have on his job. And he may have the same opinion as the customers do. 

There is another thing to appreciate here, and I think it's a bit of a message—albeit coming from Elon Musk. Right now, although it fluctuates a bit, the richest man in the world. What does the left always say? What's their sell?

That the rich care only about one thing. The money.

Elon Musk is quite literally spitting in the face of that idea. And he's come right out and said it. He doesn't care. "I'll say what I want to say. If the consequence of that is losing money, so be it." 

What he is acknowledging is that there can be consequences from voicing certain opinions. People may foist their discontent and scorn on the businesses they are in charge of. That's the risk you take when you say something, especially things that may be controversial, or where there may be a deep division of opinion.

At the same time, he is also acknowledging that what he holds dearer than the money or the consequence of losing it, is his right to speak freely and openly. In other words, he is essentially saying he is not willing to give up himself and who he is just for the sake of making a buck.

That's profound when you think about it. Here is the richest man in the world saying that there are some things that are far more valuable, and far more important to hold onto, than money.

As much as I want to follow my own thoughts, that for the good of the business, business leaders simply clam up—his words lead me down a different path and a different train of thought. Should the objective of disagreeing with someone be to destroy them?

Moreover, isn't doing that a very dangerous path to go down? And is Elon Musk sort of alluding to that? Is his message partly to help people to understand it?

When you squash the freedoms of people to express themselves, you lose the value of who you are as a person. The world becomes shaped by a consensus rather than a discussion.

What does it say about the advertisers who decided to pull ads on Musk's X over some things he tweeted they felt uncomfortable with, or disagreed with? What are their thoughts on the Constitution, for example?

The whole idea of free speech is based on the premise of being able to freely express your opinions without fear of persecution. Yes, there are always going to be consequences depending on what you say. That has always been the case. And perhaps when it comes to business, that's as true there as it is anywhere else.

You can say what you want, but you have to accept some bad may come from it if a lot of people find it cringeworthy, frightening, or disgusting or ugly.

It's a double-edged sword is what I am saying. So, essentially, I am a bit on the fence. If I am a shareholder of a company, I don't want my investment to be negatively impacted by something my CEO says. At the same time can I still respect his right to do it? Can I be angry and tell him to shut up just because I shared in the consequences of what he said even if I may not agree with his position?

After all, I invested in the company. Not necessarily in the man who runs it. I value my investment. But I also value my rights more. And I have the same rights as the CEO does. In other words, I am understanding that I really can't have it both ways. And Musk is sort of saying that too.

It causes me to rethink, as well, my own reaction to certain things. Like the Bud Light controversy. Who exactly am I delivering pain to if I show my dislike of an opinion by not buying their products? The man who had the opinion I disagreed with? Or the potentially tens of thousands of people who will suffer the consequences along with him who may not also share his opinion? Who may also side with me.

If nothing else, I think what Elon Musk provides us with is a valuable insight into our own psyche and our own condition. Why are we so apt as a people to destroy someone who thinks differently than we do, and yet at the same time, consider our own opinions having a higher weight than other opinions?

When you attempt to silence one opinion through delivered pain, eventually the same will happen with one of your opinions, and if expression is silenced through fear, does it not eat away at the idea of freedom as a whole?

In other words, where's the line drawn?

I rather admire the idea that one is unwilling to change their mind or keep quiet simply because someone else thinks they should—or because, like the fate of Mike Lindell, you may well lose everything you've built by doing it.

What is ultimately being fired upon is not the business. It's the opinion. The business pain is simply the mechanism by which that pain is delivered. As a message. As a warning to others. Toe the line or else. Conform or else. 

Isn't that what communist countries do?

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Berkshire Hathaway: A Great Company I Can't Buy

What's not to love and admire about Warren Buffet, affectionately known as The Oracle of Omaha? A man who has been well known in the investment community as the guru of gurus—few people in the investment world fail to perk their ears up when the man speaks.

I listen too, and quite intently.

Several times I have considered buying shares of the company he runs, Berkshire Hathaway, which owns many well-known and profitable businesses like Geico Insurance, See's Candies, Dairy Queen, Pilot Flying J and many others. The company also has major controlling interests in several other businesses like Coca-Cola and others.

It's a pretty long list with lots of familiar names.

And when it comes to diversification, a key element to consider in any successful portfolio, Berkshire Hathaway is as diversified as a company can be, investing in businesses from retail to insurance to logistics, pipelines, rail roads, real estate, and banking. 

Add to that, thanks to the investing genius of Warren Buffet and his sidekick who is just as brilliant as Buffet is, Charlie Munger, it is easy to say it's not only a great company to own. It's extremely well run and profitable as well, having offered investors impressive returns over the years.

So, what's my issue?

For me it's simply that the company is too closely connected to Warren Buffet himself. He's a man who is one unto himself. There have been few like him before, and once he's gone, I am not sure there will be another quite like him.

When it comes to the company he runs, he's the main attraction. His words matter. Investors trust in his judgement. His annual meetings draw in huge crowds of people who want to enjoy the experience and hear what The Oracle of Omaha has to say. 

His annual meetings aren't just about what's happening in the markets, or with the business, or even what his outlook of the economy happens to be. It's an event, done convention style with lots of fun and entertainment thrown in the mix—it's a shareholder's meeting unlike any other.

It's an experience and moment not unlike going to see The Rolling Stones or Metallica. You're going to want to tell your friends. You're going to want to share what happened there.

While Warren Buffet seems healthy and going strong, he's 93. Charlie Munger is 99 and will turn 100 in January. And again, Warren Buffet essentially is Berkshire Hathaway. The man and the company are nearly inseparable when you think of them.

The reality is that no one lives forever. Not even The Oracle. He will pass, as will Munger, and while there is a well-planned successor in place in Gregory Abel, one wonders, despite his being a protégé of sorts, who has been vigorously vetted and groomed for the position to take over the reins when Buffet's gone, whether he has the same intellect and character that Buffet has gifted us with over many decades.

There is no doubt that Berkshire Hathaway will exist long after Warren Buffet and Charlie Munger are no longer with us. But can one expect some changes under Abel? I think that's obvious. And what about Abel's successor? Who takes over if Abel dies or simply decides he doesn't want to do it? What does his succession plan look like? And how careful will his selection be compared to Buffet's?

Think The Tonight Show with Johnny Carson. There was something about that show that just made it Johnny's, even though to be fair, he wasn't the original host of the show. But also, to be fair, Jack Paar was no Johnny Carson. Carson made that show. And no one after him, even Jay Leno, could quite capture the same love and admiration nor audience that Carson could. 

Berkshire Hathaway wasn't always Warren Buffet either. Warren Buffet made the company.

When Johnny Carson bid his farewell and drew himself behind the curtains for the final time, the show may have gone on. But it was not at all the same show, and never has been since.

I think of Berkshire Hathaway this way post Buffet. The company will remain and will probably still be a great company. It may bear the same name. But it will never be the Berkshire Hathaway that makes it so appealing as an investment today.

In other words, will it be the Berkshire Hathaway we know today with Abel in charge where investors will be as excited about it? Will Abel's words have the same interest and appeal as when Buffet speaks?

I don't think so.

And for that reason, while I love and admire Warren Buffet and love and admire the company he built, it's a tough sell for me to buy shares because what you are buying is essentially Warren Buffet when you buy the stock.

And he's on short time.

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©2023 by Jim Bauer. All rights reserved.

Cartoon generated by AI. Caption by Jim Bauer. ©2023 by Jim Bauer. All rights reserved.

Business Leaders May Be Wise to Just Clam Up

If you're in the business of being in business, maybe it's best just to keep your mouth shut. And that happens to be a statement coming from a rather staunch supporter of the 1st Amendment. Granted, everyone is entitled to have an opinion. Everyone is also entitled to share their opinion.

Businesses are not necessarily simply standalone entities. By themselves they are, of course. But at the same time, they're run by people. Regardless of what a business' aim is in terms of the business itself, the people who run them become an extension of their business.

What they say matters.

It's not a new thing, by the way. Business owners and leaders being vocal about their political views or other ideas. Henry Ford, for example, was quite vocal about his antisemitism. Did his opinions have an impact on his car making business?

No.

But we're living in highly charged political times. The country is more divided now than it has ever been. And opinions matter. On top of that, business leaders are also viewed a bit differently. They have always been the evil, greedy rich guy, mind you. 

At the same time, the way information is disseminated is also very different. Not only do you have the 24-hour news cycle, but the media is also considerably more biased in their approach to the news and about what they report on—and are much less objective than ever. And unabashedly so, by the way.

Many of the familiar faces we see on nightly "news" broadcasts aren't even reporters. Instead, they are commentators. And what they say is not driven necessarily by what's actually happening. But by what their political leanings happen to be.

The agenda, if you will, is not to report the news as it happens. It is to shape it into whatever you want it to be.

And to deliver a message, and often, to change minds—or, to form opinions in the minds of their viewers that become truth even if there is no basis in fact necessarily.

In the recent past we've seen a number of businesses falling victim to their opinions. And it happens along both sides, by the way. It does seem that lately conservatives are being hit a bit harder. But that's not necessarily the case altogether.

Mike Lindell, for example, the owner of the once very successful My Pillow business, has been reduced to rubble. He's as close to being bankrupt and broke as it gets. And it has nothing to do with his business or the products he sells.

It was his opinion that did it.

Anheuser-Busch got hit too. And their pain was for having a liberal viewpoint. The Bud Light controversy lives on to this day, and the company is still feeling ongoing pain for its Dylan Mulvaney can.

Another rather vocal guy, Elon Musk, has been suffering all sorts of pains for various opinions he's had, that he is quite vocal about, and unashamed of obviously. X, formerly known as Twitter, which he now owns, is reportedly going to lose $75 million as a result of advertiser exodus, a direct response to opinions he's spread.

And it has impacted his other business, Tesla, as well. Maybe not necessarily in terms of sales. But certainly, in terms of share value.

It's not to say that once you enter the CEO's office you should have to give up your inalienable rights offered to any other American citizen. At the same time, all decisions have consequences. Good or bad. And I think taking into account the potential impact of the things you say, is an important and worthwhile consideration.

A business should ultimately succeed or fail based on what it does. Not necessarily on how it thinks. And again, because the people who lead these businesses represent them, their minds become the mind of the business. Their opinions become intermingled.

It's not unlike so many other things we consume. Be it sports or music or theatrical entertainment. We want the product. We don't necessarily want to know what those people think about this thing, that thing, or the other.

We want athletes to win. We want actors to act. We want musicians to play music. And we want businesses to simply offer products we want and need.

When an actor spouts off and says something we find cringeworthy, it tarnishes the brand. It makes us feel uncomfortable about our support. Our support becomes attached to supporting an idea rather than the product.

If you pick up a Bud Light, you're not saying, "It's a good brand that I like to drink." It's now an extension of your own politics and what you support. Holding onto a Bud Light now says, "I support LGBTQ+ rights."

The products you use and the people you support behind them now become extensions of who you are. That's dangerous for any business. When you comingle a brand with a set of ideals, you compromise the brand's viability.

And this is what we happen to be seeing happening. 

Anne Lappe once famously was quoted as saying, "Every dollar you spend casts a vote for the kind of world you want to live in." It's better, when it comes to the brands we want to buy, to associate them with what the brand is selling on its own merits. Not on how we think the brand thinks or feels about something.

If you are in business and vocal about your opinions, it gives consumers a reason other than the product to make a decision about whether to buy it or not. 

The 1st Amendment is a very important right that we have as Americans. And the Constitution, nor the exercise of any of our rights should never be taken lightly or necessarily abandoned. No matter who you are. 

But at the same time, if you want to build a business and have it be successful, you also have to be aware of what you do and what impact it may have on the brand or business itself.

There is a flip side to this. Should we, as Americans, punish the businesses? Or should we be more attuned to understanding that sometimes someone will have an opinion that does not mesh with our own, and perhaps rather than telling business owners to shut their mouths, perhaps we should be more respectful of one's right to have an opinion that may not match the one we hold ourselves.

There was a time, I think, when one simply disagreed. Now, if you disagree, that person and everything he's worked for must be destroyed. Until some level of civility returns in society, it might be best to simply pipe up and leave your opinions to yourself.

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Happy Thanksgiving from the Springboard and a Little Bit of Prippa Rep Prepishny

Well, here we are, having arrived at yet another day of thanks and, well...food of course. Tonight, we will indulge in both turkey and ham, as is at least our family tradition along with all the usual fare found on most Thanksgiving dinner tables.

We'll see if the rolls, this year, make it out of the oven before someone finally realizes they aren't out on the serving table or a reminiscent odor of something burning permeates the air.

"The rolls!"

Last year may have been the first year in many years the rolls actually weren't burnt. So, just to keep the tradition alive and well, we burnt one anyway.

What am I thankful for? I suppose a lot of things. I always say any day spent above ground is a good day, and I suppose so long as I am above it now, writing this day's blog, that's a good day and I should be thankful.

I am thankful for my family, especially my wife who, for whatever reason I've never been able to quite put my finger on, still puts up with me after 16 years of marriage and 18 years of togetherness.

She's either insane. Or she loves me.

I am also, of course, thankful to you, dear reader, who comes by here from time to time and now and then to hopefully be entertained by my thoughts and opinions—and hopefully as well by my witty nature in delivery.

Is it witty?

I am thankful that, for whatever they are worth—and we all know that often they aren't worth much—that at least the polls seem to be indicating Trump's beating Biden and we may be able to end this nightmare we've been enduring for the past 3 or so years.

Speaking of Biden, might I also applaud him on yet another brilliantly delivered "address" to the nation when he pardoned this year's turkeys, Liberty and Belle, and in the time-honored tradition of Biden speeches, he was able to carefully stumble around his words like a drunk trying to pronounce supercalifragilisticexpialidocious.

"They had to work hard and show patience, and be willing to travel over a thousand miles," Biden began. "You could say even this harder than getting a ticket to the renaissance tour, or, or, or prippa rep prepishny's tour..."

I think he meant Taylor Swift and Prepishny is probably Britney Spears of course. Either way.

May your day be filled with food, fun, great conversation, and newly created memories to be cherished for years to come. May your turkey be moist and delicious, and may your evening be pleasured by full tummies and perhaps a cocktail or two.

Or 6 or 10.

And may you be able to make your way to the comforts of your warm home safely, and better able to recite your speeches post cocktails than Biden could recite his sans any.

Happy Thanksgiving and I will catch you on the other side. Onward and upward and God speed or whatever else can be said about going forward with dignity, pride, and success. And thanks again for being here. 

Like the way I write or the things I write about? Follow me on my Facebook page to find all of the latest writings from wherever I may write. And hey, Christmas is right around the corner, my wife has the credit card, and any money is helpful. Why not spin my album, Pink Flamingoes, a few times to help a guy out from things beyond his control? You can also check out my other blog where I talk about anything and nothing, The Springboard Journal.

The Reality of Blogging

First and foremost, don't quit your day job. I smile every single time I read an article giving you 10 Easy Ways to Make Some Cash on the Side. Besides all the usual suspects on what are essentially, ridiculous posts simply written for the clicks they will no doubt generate, like walking people's dogs or renting out a spare room in your house, one that seems to always make the list is to start a blog.

Consider that as of May of 2023 there are an estimated 600 million blogs currently on the Internet. Yes. You read that correctly. 600 million blogs.

Granted, that's worldwide. Out of those 600 million blogs on the Internet, less than 1% are even remotely successful and generate enough income to do it full time. And most of those are literally businesses. So, the thought that making any significant side cash from writing a blog is quite a stretch to say the least.

That's not to say that writing a blog bears absolutely no fruit. With time, and a ton of content, you can slowly build an audience that is sizeable enough to at least make writing a blog worth your time. But it's far from easy to do this. And it's far from full time wages.

This blog, for example, has a rather large audience and does generate income. But it's not job replacing income. Not by a long shot.

It is also not meant to discourage anyone from writing a blog. If you love to write, like I do, it's okay if it is more of a labor of love than something that puts food on the table. And if you can write well, you will capture an audience. 

But it still takes many years, and like I said, a ton of content to do this. And in order to achieve any level of success, you have to be willing to put in the time and effort to keep producing content even if no one sees it at first, or even if only a few people see it years later after starting.

The bottom line is that it is as tough to break in with blogging as it is tough to break in with most things. Just because you don't have to wait for an editor to give the go-ahead to publish something like the days of old doesn't mean it will be any easier to get your word out.

Many people who self-publish books, for example, quickly learn it's extremely tough to actually sell books. That is, until you can land your work before just the right set of eyes that helps things along. In the case of blogging, that's a set of eyes that likes what you do enough that maybe they share it with a few other people who also like it and share it with a few more people.

Even then, if it only happens a few times, it's not going to have that great of an impact on your overall success blogging.

Again, it is not to tell anyone, "Hey, don't waste your time." I have been doing this for decades and it can have its rewards. I am simply saying to not have great expectations when you hit that publish button for the first time that it will be a life-changing event.

It won't be. I assure you.

By all means, if you like to write and have something to share that people will enjoy reading, you will build an audience and you will enjoy some success. You may even join the precious ranks of the very few who break through the barriers enough to go at it full time and actually make a living doing it.

But if you are coming into blogging thinking it's an easy way to make money? Think again. It's not that at all. There are 599,999,999 other blogs out there competing for the same sets of eyes that yours is. And that's the reality of blogging.

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