1142: A century ago, railroads pointed us to legal solutions @RichardAEpstein
Image: First American locomotive on rails at Castle Point, drawing, Hoboken, c. 1826 Richard Epstein: @RichardAEpstein, Chicago Law, NYU Law, Hoover Defining Ideas, in re: Railroads and the automobile industry. Long-haul and short-haul inversions. Sherman Act. Railroads were 85% of the firms on the stock exchange in the 1890s. Theory of conglomerate merger: turns out it doesn't work. Diversification at shareholder, not management, level. Synergies can produce gain; beware of damaging the goose that laid the golden egg. .. .. .. .. .. ..