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The Long-Term Stock Exchange Opens for Business

blog.ltse.com

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Re: The Long-Term Stock Exchange Opens for Business

#421

Post by WealthVsSurvive »

Loughla wrote: post #355
e_d_e_v wrote: post #350

Earlier quoted context omitted.

It seems that perhaps you have some idea of what these perverse outcomes look like. D) seems to be "a company reinvests in its employees (training, etc) and E) is someethign like "a Company rewards employees and stakeholders for long-term company success." What does the perverse scenario look like for you?

I legitimately don't have any in mind. I just have zero faith in humanity, and assume loopholes will be exploited to follow the letter of the law, but not the intent. I was wondering if they've thought about that and what his thoughts were about it. Edit; The only one I can think of, when it comes to rewarding employees is what if a company uses contractors (or gig workers if you use those words), and therefore not d…

You don't even need to say it like that: you have zero faith in humanity. You should have some faith, we've performed reasonably okay over time. The problem is thus: over a long enough time period, given any individual's inert desire to benefit from something, it will be attempted if not by one individual, then by another. Wanting to define, in law, through enforcement, terms of ethical conduct and its breach is reasonable and necessary herein where capital is involved.

I'd like to see a market for solely worker-owned cooperatives, in which stock dissolves over a fixed time-period, 5 years(restaurant)-500 years(asteroid mining). "Dissolve" being essentially buybacks that occur, bending based on performance. Then again, I'd like to see capital dissolving, normalizing, over 100 years, giving capital the property of entropy, redistributing it all, but very slowly over the span of a bit more than a human lifetime. This capital would be more valuable than any world currency.

Re: The Long-Term Stock Exchange Opens for Business

#422

Post by jmole »

eries wrote: post #343
ryan_j_naughton wrote: post #302

Earlier quoted context omitted.

I concur! Market design is so important. Eric, I worked at the world's first carbon market over a decade ago (Chicago Climate Exchange) and a group of us are at the early stages of designing some new exchanges focused on fixing market failures across several sectors. I've been following your work for a long time, and I am excited to see LTSE finally launch. I am concerned about the ability for people to create second…

If the reforms are embodied in the company's charter, they will follow the shares wherever they are traded

sorry if this is an ignorant question - but what about activist investors and hostile takeovers? shareholder voting rights are still a thing, aren't they?

Re: The Long-Term Stock Exchange Opens for Business

#423

Post by petr_tik »

eries wrote: post #413
Bedon292 wrote: post #405

Earlier quoted context omitted.

I honestly cannot figure out how to use this site to see if my broker, or any broker for that matter, is a member of LTSE. Would you be able to provide an example?

Sure. Here's Citadel's profile from FINRA: https://files.brokercheck.finra.org/firm/firm_116797.pdf Scroll down to page 9, you'll see they are a member of The Long-Term Stock Exchange

Citadel securities are famous for their long-term investment horizons.

100 milliseconds is practically an eternity

Re: The Long-Term Stock Exchange Opens for Business

#425

Post by throwaway_fc »

samatman wrote: post #392
centimeter wrote: post #238

Earlier quoted context omitted.

> I hope others see that our markets are designed. They are human artifacts. They are not natural laws to be accepted as-is. “Markets” are not the same thing as “the market”. Markets are human artifacts; the market is an emergent behavior. It’s governed by laws beyond our control as surely as the behavior of materials are governed by thermodynamics. If the behavior of your markets fails to match the reality of the ma…

The way you've put this bears more resemblance to religion than anything else. "Markets" are real things. I can walk to them, or navigate to their website, or call them up. You are claiming that there is an invisible, metaphysical "the market", which exists in the Platonic world of forms, that governs the behavior of these genuine markets. This is like reading "The Gods of the Copybook Headings", and founding a relig…

> The way you've put this bears more resemblance to religion than anything else.

The connection with religion goes deeper that it seems.

Mission, vision / visionary, iconic (product), (job) creator, charismatic, angel (investors).

All these words had a purely religious meaning 200 years ago.

This is not just natural evolution of the language. Other fields don't have this amount of religious words at all.

Re: The Long-Term Stock Exchange Opens for Business

#426

Post by eries »

jmole wrote: post #422
eries wrote: post #343

Earlier quoted context omitted.

If the reforms are embodied in the company's charter, they will follow the shares wherever they are traded

sorry if this is an ignorant question - but what about activist investors and hostile takeovers? shareholder voting rights are still a thing, aren't they?

I do think there is such a thing as good activism, when investors use their own long-term position in a company to insist on changes and accountability which they plan to benefit from over time. And I also think there is bad activism, which has a different tenor and character.

Good governance means, in part, shifting the power structures of the corporation to make it easier to do the good and harder to do the bad kinds of activism.

Re: The Long-Term Stock Exchange Opens for Business

#427

Post by ricardobeat »

jbhatab wrote: post #373

This is one of my top 5 underrated ideas that I'm so excited to see launch. This could redefine the relationship between investors/founders/operators which is clearly driven by quarterly financials. Then go listen to how people like Jeff Bezos think about building strong companies. Clear misalignment. You have to be so strong as a founder that you can resist the urges of the market to think long term. Excited and hop…

According to this comment https://news.ycombinator.com/item?id=24423448 there is nothing they can do about quarterly reporting, so unfortunately the shift in thinking will have to happen under existing regulations.

My understanding of this is quite limited at the moment but I'm curious to learn how and why companies would benefit from signing up for the LTSE and what effect it will have in practice. There are requirements such as a "Long-term Strategy Policy" but it seems like pretty much a leap of faith / honor system for the company to upload the principles.

Re: The Long-Term Stock Exchange Opens for Business

#428

Post by newbie789 »

vermilingua wrote: post #412
eries wrote: post #362

Earlier quoted context omitted.

No companies are listed on our exchange - yet

Then how have $117m passed through your exchange? If no companies are listed on the LTSE, how are stocks being traded on the LTSE?

I would also like to know about this.

Edit: Also, he didn't quite answer my question. I asked how one would find out what companies are listed, not for a list of what's currently up.

I might assume that they'll eventually be on their website but I've now asked twice and gotten answers about "preferred brokers" and "market makers" (I honestly don't know what that is) and another saying that this stock exchange has no stock to exchange. Again, I am not savvy in this area but it seems reasonable that "how would I view what's available?" wouldn't be to difficult of a question. If the answer is "those listings aren't 'For you' as a non-professional investor" then I'd be happy being informed.

Re: The Long-Term Stock Exchange Opens for Business

#429

Post by mmahemoff »

eries wrote: post #337
hitpointdrew wrote: post #334

Seems really cool, but after being on your site for 10 min I have yet to find the "meat". Other than a vague reference to "through member broker-dealers". For me the info I am interested in, and would want to see featured most prominently, is 1) A list of companies on the exchange and their last closing price. 2) An option (even if through a third party) to purchase shares of companies listed on LTSE. This informatio…

Today's announcement doesn't pertain to listings, so 1) is a ways off still You can do 2) through your existing broker, so long as they are a member of the LTSE, which they likely already are. You can check their membership status here: https://brokercheck.finra.org/

Is there a path for investors from outside the US?

Re: The Long-Term Stock Exchange Opens for Business

#430

Post by cdnpal »

eries wrote: post #171
specialist wrote: post #152

Congratulations. "We shape our buildings; thereafter they shape us." -- Winston Churchill Though I barely understand such things, I'm very excited by your LTSE and Katsuyama's Investors Exchange (IEX). Listening to your interviews about LTSE, my takeaway is that your goal is to allow companies to be judged on their own merits, instead of someone else's. So one side effect may be to help migrate private equity funded…

Thanks for the kind words

Eric, I saw you present at Twiistup years ago with that CEO guy from Demand Media, where you exclaimed that you crammed untested spyware toolbars into IMVU just to get money, knowing it would blow up your users' computers. It's clear you got some money since then, but other than that why would we trust you with a stock exchange in retrospect? Were you hoping we would forget?
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