The Decline of Ownership: The Rise of Renting

As streaming services like Netflix grow in popularity, some critics, such as Ian Leslie at NewStatesman, argue that society’s shift from ownership to renting is contributing to a decline in social values. Referencing an article by Izabella Kaminska at Financial Times, Leslie warns that the trend toward renting everything—from music to even pets—could signal the return of a feudalistic society. The thesis suggests that owning things confers personal significance, but younger generations, especially millennials, are embracing a “post-materialist” mindset where renting is the new norm.

For my family, this shift began with movies. We transitioned from owning DVDs to streaming, and soon digital copies replaced physical discs. Today, everything from books to photos is stored in the cloud. Even owning a car may eventually become obsolete as ride-sharing and autonomous vehicles take over. While the concept of renting may seem alarming to some, I don’t feel spiritually bankrupt for lacking ownership—unless, of course, you’re renting a dog.

The Changing Face of Activism: Shareholder Meetings

Recently, a shareholder activist was ejected from a Wells Fargo meeting for shouting at the board. This incident exemplifies how dissatisfaction often leads to public outbursts in shareholder meetings—a far cry from the online activism that younger generations prefer. The rise of digital platforms has shifted activism away from physical meetings, where complaints often escalate into confrontations. As complaints grow, these activists may bypass traditional channels in favor of online platforms, where their messages can reach a wider audience.

Perhaps this shift in activism points to a generational difference in how people express dissent. Where older generations may have attended meetings to voice complaints, younger generations are more likely to use the internet to engage in shareholder activism.

A Never-Ending Legal Battle: The Case of Fairfax Financial

An ongoing lawsuit involving hedge funds and Fairfax Financial Holdings Ltd. has been in the courts for 11 years. The case centers around hedge funds that shorted Fairfax’s stock and were later sued for defamation. Publicly discussing negative opinions about a stock, especially after shorting it, can be risky, as it may lead to legal action. While positive statements about stocks rarely lead to lawsuits, hedge funds that profit from a stock’s decline by shorting it can face significant legal consequences. Despite an initial dismissal, the case has resurfaced, continuing the long-standing legal battle.

This case serves as a reminder of the legal complexities surrounding short-selling and the public commentary on stocks—especially when negative sentiment might affect the company’s market value.

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