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The Real Problem With Cracker Barrel
Porter's Journal Issue #99, Volume #2
Porter Stansberry
August 27, 2025
This is Porter’s Daily Journal, a free e-letter from Porter & Co. that provides unfiltered insights on markets, the economy, and life to help readers become better investors. It includes weekday editions and two weekend editions… and is free to all subscribers.
Shareholders are not company owners… George Floyd/BLM inspired “inclusive” boardrooms… Cracker Barrel got a refreshed board of directors… And a new logo… Socialism doesn’t work… Car loans get longer and longer… Shakeup at the Fed… The “Mailbag” looks at Better Than Berkshire… |
Table of Contents
As soon as I saw the Cracker Barrel “rebrand,” I knew immediately what had happened.
In 2020, during the George Floyd/Black Lives Matter (“BLM”) madness, the Nasdaq floated an idea to force companies to name more minorities and homosexuals to their boards of directors. These discussions eventually became a formal proposal. They were adopted by the Securities And Exchange Commission (“SEC”) in 2021.
While this was positioned in the media as a good-faith effort to make corporate boardrooms more “inclusive,” the real point of this measure was to further separate the control of public companies from their rightful owners, the shareholders.
You might remember this new regulation and others like it were called “stakeholder” capitalism.
And that sounds wonderful, doesn’t it?
Americans certainly believe in treating stakeholders well – people who own a stake in something, who have “skin” in the game.
But wait… that’s not what it means at all!
“Stakeholders” aren’t a company’s owners. In our brave new world of Orwellian language, stakeholders are the people who receive benefits from a corporation. Like employees. And suppliers. And government institutions. Isn’t that just socialism with a new name?
Socialism In The Boardroom