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Our own generation’s Samuel Insull.
“In the 1920s, electricity was a genuine transformative technology. Holding companies and investment trusts used heavy leverage and pyramiding to control operating utilities with thin equity, promote stocks aggressively, and fund rapid expansion. Valuations soared on expectations of continued growth and network effects. When the broader market cracked and growth assumptions faltered, the leverage and interconnected ownership turned declines into cascading losses for investors. Insull’s structures exemplified the scale and fragility.”
EDWARD DOWD
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