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I was worried for a moment that the rich weren’t going to get even more obscenely rich this year. Whew! This is great news. The wealth will trickle down to peo

I was worried for a moment that the rich weren’t going to get even more obscenely rich this year. Whew! This is great news. The wealth will trickle down to people suffering 10-40% food and housing inflation any time now.

troll555 4y ago
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mypastself 4y ago
Well, if sales rose 17% and the inflation is 40%, they’re not really getting richer. It’s also apparently a luxury goods company, so it’s somebody buying a Louis Vutton handbag and paying for somebody else’s salary. Whether or not you think that situation is fair, this is a clear case of a company facilitating the transfer of money from the well-off to the less well-off via salaries and taxes.
- zztop44 4y ago
  Of course pension funds are a big part of any large-cap company’s shareholder base. But I wouldn’t be surprised if on a proportional basis LVMH’s customers are less well off than their shareholders.
  - mypastself 4y ago
    That’s quite possible, but the stock price rose along with increased revenue. Revenue is used to pay salaries, and it‘s also spent on taxes at a higher rate than in the U.S. So in this case, consumption by a wealthy customer base benefits a broader population as well. The wealth actually does “trickle down” to an extent.
spaceman_2020 4y ago
The wealth disparity has been absurd for years but after the pandemic, it's become obscene. Anyone with any kind of asset made out like bandits. Meanwhile, bottom 50%ile without homes or stocks or crypto were told to come into work because their work was "essential" while also watching their purchasing power drop every week.
- SoullessG 4y ago
  [flagged]
- mschuster91 4y ago
  > Anyone with any kind of asset made out like bandits. Depends entirely on the asset class. A lot of people lost a ton of money on pandemic-related stocks (pharma), crypto, real estate, landlords, banks... the only ones making utter bank are those profiting off the Russian invasion and those who can raise prices at will due to inelastic demand (basically, supermarkets).
  - spaceman_2020 4y ago
    Should have clarified - I mean anyone who owned any existing assets before the pandemic. Though honestly, unless you were buying absolute junk, you’re likely still up a great deal. Bitcoin is up over 20k from the pandemic lows, SPX is up 77%, even stocks that got hammered like Meta are up from the pandemic bottom. Anyone who lost money during this period likely had themselves to blame for not exercising basic risk management.

troll555 4y ago

[dead]

mypastself 4y ago

Well, if sales rose 17% and the inflation is 40%, they’re not really getting richer. It’s also apparently a luxury goods company, so it’s somebody buying a Louis Vutton handbag and paying for somebody else’s salary. Whether or not you think that situation is fair, this is a clear case of a company facilitating the transfer of money from the well-off to the less well-off via salaries and taxes.

zztop44 4y ago
Of course pension funds are a big part of any large-cap company’s shareholder base. But I wouldn’t be surprised if on a proportional basis LVMH’s customers are less well off than their shareholders.
- mypastself 4y ago
  That’s quite possible, but the stock price rose along with increased revenue. Revenue is used to pay salaries, and it‘s also spent on taxes at a higher rate than in the U.S. So in this case, consumption by a wealthy customer base benefits a broader population as well. The wealth actually does “trickle down” to an extent.

spaceman_2020 4y ago

The wealth disparity has been absurd for years but after the pandemic, it's become obscene. Anyone with any kind of asset made out like bandits. Meanwhile, bottom 50%ile without homes or stocks or crypto were told to come into work because their work was "essential" while also watching their purchasing power drop every week.

SoullessG 4y ago
[flagged]
mschuster91 4y ago
> Anyone with any kind of asset made out like bandits. Depends entirely on the asset class. A lot of people lost a ton of money on pandemic-related stocks (pharma), crypto, real estate, landlords, banks... the only ones making utter bank are those profiting off the Russian invasion and those who can raise prices at will due to inelastic demand (basically, supermarkets).
- spaceman_2020 4y ago
  Should have clarified - I mean anyone who owned any existing assets before the pandemic. Though honestly, unless you were buying absolute junk, you’re likely still up a great deal. Bitcoin is up over 20k from the pandemic lows, SPX is up 77%, even stocks that got hammered like Meta are up from the pandemic bottom. Anyone who lost money during this period likely had themselves to blame for not exercising basic risk management.