that's kind of you, thanks, lucy

happy to oblige, thanks, Isaac

But to your point – much to scrutinize here, and I think we can reasonably differ in how we weigh the many problems at hand

The system is riddled with problems. ROE isn't the only one. But it deserves far more scrutiny IMO, especially given all the evidence that excessively high ROEs are costing ratepayers quite a lot of money. Those high valuations, in practice, haven't had that sanguine downstream effect on consumers

New investors are absolutely getting screwed, I agree. I wish I'd had the space to address that in the piece. But to my mind, it's all connected. Capitalization of excess returns into share prices is part of the overall wealth transfer from customers to shareholders, who can then sell at a premium

I see what you're saying but the inflated market values are one function of the overall regime of excess ROEs, right? Shares are trading double the book value because investors capitalize the excess returns.

reminiscent of

lol this explains so much

congrats man