Gregory Curtis is the founder and Chairman of Greycourt & Co., Inc., a wealth management firm. He is the author of three investment books, including his most recent, Family Capital. He can be reached at gcurtis@greycourt.com. Please note that this post is intended to provide interested persons with an insight on the capital markets and is not intended to promote any manager or firm, nor does it intend to advertise their performance. All opinions expressed are those of Gregory Curtis and do not necessarily represent the views of Greycourt & Co., Inc., the wealth management firm with which he is associated. The information in this report is not intended to address the needs of any particular investor.
Surprising the Mayor
In those days, the mayor of Indianapolis was a guy named Richard Lugar. Lugar was an unusual mayor, to say the least. He’d been first in his class in high school and college, had been a Rhodes Scholar at Oxford and was an Eagle Scout. He was as straight-laced and honest as a country parson. …
Joining the Force
One day I arrived at the MP station and saw a new announcement tacked up on the bulletin board. It was notifying everyone that, with the War in Vietnam winding down, nonessential personnel with only a few months left in the Army would be mustered out early. The Army needed to save money. Previously in …
MPs on the Job!
Just one more exciting episode from the 226th Military Police Company, and then I can move on to the main part of my story. Previously in this series: “Policing Perils: Richard Lugar, Part I” Hot pursuit Legally speaking, the phrase “hot pursuit” stands as an exception to the usual rules that regulate police conduct, allowing …
Policing Perils
Towards the end of my checkered career in the Army, I found myself stationed at Fort Benjamin Harrison, a large Army base located outside Indianapolis. I was the Traffic Sergeant for the 226th Military Police Company and we served more like a civilian police force than like a traditional MP company. The reason was that …
The Last Word
“In the last few weeks, the [FTC] has repeatedly changed policy direction without giving the public any real notice or right to be heard.” —Noah Phillips, FTC Commissioner Previously in this series: “Academics and Europeans: Antitrust Is More Interesting Than You Think, Part XIV” I intended to end this series of posts with part 14, …
Academics and Europeans…
I ended last week’s post by mentioning that Francis Fukuyama has proposed a novel way to control Big Tech, using so-called “middleware” companies to break the FAANGs’ control over Internet content. Previously in this series: “A Different Take on Big Tech: Antitrust Is More Interesting Than You Think, Part XIII” As I understand what Fukuyama …
A Different Take on Big Tech
We are evaluating a variety of complaints about Big Tech to see whether our ramshackle antitrust laws represent an appropriate remedy. So far, we’ve learned that antitrust action is a clumsy approach at best. But let’s look at one more major complaint against Big Tech. Previously in this series: “The Ridiculous Instagram Case: Antitrust Is …
The Ridiculous Instagram Case
As I noted last week, virtually everywhere we go and everything we do is subject to surveillance by government and private citizens. And the person they are looking at is actually us, not some random number linked to our computers. Previously in this series: “The Coming Missteps on Big Tech: Antitrust Is More Interesting Than …
The Coming Missteps on Big Tech
If we thought that too many antitrust laws and enforcements were ineffectual at best and counterproductive at worst, matters are about to become even more dreadful: Most of the proposed enforcements will harm consumers without much denting the power of Big Tech. Previously in this series: “How to Handle the FAANGs: Antitrust Is More Interesting …
How to Handle the FAANGs
“Consumers won’t thank antitrust enforcers for repeating the mistakes of the past.” —Jessica Melugin, Competitive Enterprise Institute Previously in this series: “Laissez-Faire vs. the Progressives: Antitrust Is More Interesting Than You Think, Part IX” The so-called Chicago School approach to antitrust enforcement has many fathers and they rarely agree on much. In addition, the school …
Laissez-Faire vs. the Progressives
From the date of enactment of the first antitrust laws during the Roman Republic right up to the present moment, there have really been only three theories that have addressed the proper role of a government in controlling anticompetitive behavior. Previously in this series: “Government Missteps: Antitrust Is More Interesting Than You Think, Part VIII” …
Government Missteps: Let Me Count the Ways
By the mid-twentieth century, antitrust enforcement in the United States had become far more sophisticated than it had been for the first six decades after the Sherman Act was passed in 1890. Unfortunately, the ratio of success-to-fiasco remained roughly constant. Previously in this series: “The Weird Inconsistencies of Trust Busting: Antitrust Is More Interesting Than …
On Inflation
So many people have asked about my views on inflation that I’m pausing my antitrust series to address the topic. Back to antitrust next week. “If [Biden] succeeds, the President will cast 40 years of economic doctrine on history’s ash heap. But that’s a big if.” — Michael Hirsh, in Foreign Policy In my day …
The Weird Inconsistencies of Trust Busting
Last week, I suggested that the enforcement of America’s antitrust laws has made little sense since the Sherman Act was adopted in 1890. In fact, the word that comes to mind is “fiasco.” Previously in this series: “Making Monopoly Illegal: Antitrust Is More Interesting Than You Think, Part VI” I mentioned earlier in this series …
Making Monopoly Illegal
When people who don’t like free markets (i.e., almost everybody in academia) talk about antitrust law, they almost always begin by saying something like this: “One of the core defects of market economies is the inevitability of monopolistic practices.” Previously in this series: “The Tricks of the Trade: Antitrust Is More Interesting Than You Think, …
The Tricks of the Trade
The plaintiff’s law firm wanted to impress their client with how important the case was to them, and so there were never fewer than five lawyers at the plaintiff’s table. Plus, of course, the plaintiff himself. Previously in this series: “Fighting the ‘Big’ New York Law Firm: Antitrust Is More Interesting Than You Think, Part …
Fighting the “Big” New York Law Firm
Here are more vignettes to show you what it was like to try a case — a big case — with Mr. W, the senior Reed Smith partner who looked terrific but whose elevator didn’t seem to go all the way to the top floor. After that I’ll return to my original topic: “Antitrust Is …
How Was I Supposed to Know?
Mr. W was mostly trying other cases during the week, so we prepared for Big Steel v. Bigger Steel on weekends. Every Saturday and Sunday morning, I would stroll into the Reed Smith conference room at precisely 9 a.m., and every Saturday and Sunday morning, Mr. W would look up at me and say, “Dear …
Me and Mr. W
After I posted last week’s blog, a large number of people wrote in to ask how the private antitrust case turned out: Did I actually get eaten by rats? Did the case go to trial or settle? Did we win or lose? Previously in this series: “Antitrust Is More Interesting Than You Think” Your Humble …
Antitrust Is More Interesting Than You Think
When I was a 3L, that is, a third-year law student, I — like every other 3L — spent half my time studying dismal areas of the law and half my time interviewing with law firms for permanent legal jobs. One of the firms I was interested in was Cravath, Swain & Moore. (Cravath, by …
The Dramatic Conclusion
Professor H was a formidable, brilliant, intimidating and impossibly rude professor, and I’m sure he was the model for the notorious Prof. Kingsfield in the movie “The Paper Chase” (which was about Harvard Law). Previously in this series: “The Senator’s Big Idea: Joe Biden Saved Me from Pocatello, Part III” Under normal circumstances, I’d never …
The Senator’s Big Idea
Joe Biden was my new client because he’d called Joseph Hill Associates to ask about something called “federal revenue sharing” (FRS). Most people live long and happy lives without ever hearing that phrase, but, alas, not me. I was JHA’s resident expert on FRS. Previously in this series: “The Law Works in Mysterious Ways: Joe …