News Story of the Day: One of the most historic initial public offerings (IPOs) is about to happen and many investors – foreign and domestic – are interested.
Saudi Aramco, the Saudi Arabian-owned oil titan, has received bids for its shares topping $44 billion. This means that its IPO is posed to become over-subscribed. Aramco is planning to sell 1.5 percent of the company’s shares for $25.6 billion, giving it a market value of $1.7 trillion.
Overall demand is nearing two times the amount of shares on offer. Institutional investors have until December 4 to put in a bid.
While attractive, Aramco seems like a dangerous stock to own. In addition to the moral indignation, Aramco seems like a con to stave off the inevitable decay of the country’s finances. Will this IPO be enough to sustain the government? We shall see.
Chart of the Day: If you caught the Tom Woods newsletter earlier this week, then you would find out that Jeff Bezos is planning to donate a huge fortune to help the homeless. Following in the footsteps of Apple, Bezos has decided to contribute nearly $100 million in the fight against homelessness. The left is not happy about this because they are never happy; they freakin’ targeted The Salvation Army!
So, with that in mind, how much do the billionaires donate? Vox has an interesting chart:
Illustration of the Day: Did you hear about the Ten-Year Challenge? Well, Hillary Clinton wasn’t president in 2009 and she is not president in 2019.
Quote of the Day: Social justice or real justice? Germinal G. Van explains at the Mises Institute:
Social justice is a political and social ideology that advocates for the equal redistribution of wealth, equal access to economic opportunities, and the reduction of unfair privileges within a society. The central argument used by social justice advocates is that the government has the moral obligation to equalize access to wealth, opportunities, and privileges.
In abstract, to many people, this ideology seems morally right. In practice though, social justice has done more harm to those it intended to help and has hindered society’s advancement as a whole. But to fully comprehend the reason why social justice is a problem; it is helpful to understand its origins.
Tweet of the Day: Should sixteen-year-olds vote? Sure, but you will still have the same problem: Uninformed voters. That said, this is pretty funny.
Nancy Pelosi: “We need to lower the voting age to 16.”
16-year-olds:
pic.twitter.com/BEX4od5Sqx— Daily Caller (@DailyCaller) November 29, 2019
Video of the Day: Joe Rogan has another great interview with Rep. Tulsi Gabbard (D-HI). Give it a watch, especially the part where she said that the Democratic debates are nothing more than “political reality TV.”
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