- COMMERCE & CAPITAL
- Posts
- Searching For Capitalism's Lost Conscience
Searching For Capitalism's Lost Conscience
Rescuing Adam Smith's Vision from Rising Neo-Mercantilism
Moshe Modeira
May 28, 2024
Commerce & Capital is a weekly ode to first principles thinking, leading with integrity, learning with humility & executing with confidence.
Format
Hey Friends
The path of the entrepreneur, the visionary, the creator is often paved with a very peculiar form of delusion.
A semi-delusional state, a delulu mindset that blurs the line between dreams and reality is the necessary ingredient for entrepreneurial innovation.
It’s in this seldom-spoken-of mental space where rational boundaries bend, that the seeds of world-changing ideas take root and flourish.
One of my favourite sayings of all time, I can’t remember where I first came across it or who to attribute it to, but it stuck with me — the premise being that the true mark of an entrepreneur is having the ability to leap, enthusiastically, from failure to failure to failure before finding success.
For those not used to taking risk, it’s a hard concept to fathom.
We live in a society that encourages you to be a worker-bee, to find a boss, to be risk-averse, fearful, pessimistic, cynical, full of trepidation — more likely to seek out why things won’t work than to figure out how they can.
Essentially, for the non-entrepreneur — failing at something means you’re a failure.
The opposite is the actual truth.
But how do you do that? How do you go against the grain, reframe, and live to fight another day?
One word: delusion.
I will tell you — now that we are finally at a time in history where NOT exploring entrepreneurial risk has become the biggest risk — you must harness delusion if you are to have any chance of success.
Every groundbreaking invention, every paradigm shift, every disruptive innovation that has reshaped our world was once dismissed as a mere delusion in its infancy. The light bulb, the automobile, the internet — all emerged from the minds of people laughed at as crazed lunatics before their visions eventually manifested into ubiquitous reality.
To create something from nothing, to will into existence that which did not previously exist, requires a unique form of insanity, a refusal to accept the perceived limits of the possible.
The true visionary must remain delusional, deaf to the chorus of naysayers, vehemently blind to the constraints of convention.
It’s a dichotomy as old as human ambition itself, striking a delicate balance between rational pragmatism and delusional audacity. For what is a business plan, a blueprint, a strategy if not the codification of delusion into a roadmap? Every towering skyscraper you see was once suspended in the delusional mind of an architect before finding form in steel and glass.
The greatest entrepreneurs among us are masters of harnessing the delulu mindset. They transmute pure fantasy into concrete reality through grit, determination, and a refusal to accept the world as it is. Their delusions are the guiding stars that illumine the path forward into unchartered waters.
Steve Job’s famous video from the early ‘90s on this very topic comes to mind:
There is a thin line that separates the delusional visionary from the hopelessly insane. To stay upright on that tightrope without careening into the abyss of failure requires a special balance — a sprinkle of pragmatism to temper the excesses of unfettered delusional dreaming.
The entrepreneurial path is fraught with obstacles, setbacks, and cruel realities that can swiftly puncture your enthusiasm for perseverance if left unchecked. The successful creator must remain delusional enough to push through the inevitable storms of doubt, but grounded enough to stoically navigate through harsh existential threats.
In this paradoxical space where dreams and pragmatism intersect, true innovation is born. Being aware of harnessing delusion is the mindset that clears the path, manifesting the inconceivable conceivable. Often the opposition to your delusions will be fierce, and, most painfully of all, most of the opposition comes from people who profess to love you — family and friends.
So embrace your inner delulu, entrepreneurs. Nurture those delusional seeds of ambition, because they are the very alchemical properties that forever shift the boundaries of possibility. But temper them with just enough reasoned pragmatism and strategy to manifest your delusions into extant reality.
My Very Best,
Moshe Modeira
Editor-In-Chief
Commerce & Capital
Today’s Sponsor: Clarity Construction
Design and Build with confidence. Clarity Construction and their roster of top industry experts are with you — every step of the way.
Thought of the Week: Capitalism’s Psychopathy
This edition will feature some full-throated, scathing attacks on the current capitalist paradigm that we find ourselves in today, especially in the West.
But allow me to caveat, because things have become so divided that any critique or observation of the capitalist system that calls for amendment or moderation is now being seen as a treasonous attack on our modern way of life, and then people start accusing you of being a “socialist.” And then all dialogue shuts down from there.
Not unlike when someone is called a “racist” in the middle of a discussion about racial dynamics. No one ever likes being called a racist — even actual racists. Funny, when I truly think about it, I can’t say the same thing about socialists, who mostly seem to wear the badge proudly.
I want to be very clear. I’m not in the camp that believes that Western society needs to be destroyed and teared down. In fact, the last year has only shown me that many of values of the West that we collectively espouse, even when paying lip-service to them and paradoxically not following them — freedom, liberty, just for all — are values that I will die fighting for, and must be fought for in the face of growing terror, anarchy and apathy in our world.
That said, our current capitalist system is evidently in need of closer scrutiny and serious amendment, and I have never been more sure of this than in the last five years. A “working” system would be one that can benefit most of it’s participants, not just a few. If working for many is the benchmark of a successful system, and I believe it is, it can clearly be shown that our current system is undergoing massive failure before our very eyes.
It’s clear now that winning in the current capitalist structure heavily benefits psychopaths.
Many, many people are beginning to recognize this and mentally and emotionally check out of the system.
Why Psychopaths Win in Modern Capitalism
The mindset of the psychopath is one of insatiable hunger, an unquenchable thirst for money, power and dominance that recognizes no moral boundaries.
In our modern arena of unbridled capitalism, such pathological tendencies are not merely tolerated, but actively rewarded and cultivated. The game has become accumulation at all costs — a Darwinian ethos that serves to concentrate wealth and influence in the hands of those who exhibit the most ruthless, predatory traits.
Now that I look back with fresh eyes at the juggernauts of business history that I once worshipped, I see many tech barons, financial titans and captains of industry for what they really are. Beneath the visionary exterior and sociopathic work ethic lurks a darker truth — a willingness to sacrifice all at the altar of success, to crush rivals, to exploit labor, to neglect family, to eschew ethics in pursuit of lofty glory. Our capital markets gleefully buttress this behaviour, hailing these monsters as luminaries and visionaries while failing to also account for the wreckage of broken lives and societal decay left in their wake.
To illustrate my point, let’s engage, for a fleeting second, in a thought experiment where there is near perfect wealth redistribution:
With a planetary population of just over 8 billion souls, approximately $454.4 trillion in global wealth is suddenly decreed available for equitable dissemination. With the cold mathematics of pure equality applied, each human would be temporarily enriched to the tune of $56,800.
A king's ransom for the impoverished masses, while a laughable pittance to the rich and wealthy.
Yet in the scorched soil of psychopathic capitalism, what seeds might such an equitable reapportionment of resources sow?
The answer blooms with horrific certainty.
I posit that very shortly, within possibly a matter of months, that the free-market mechanisms of unfettered capitalist endeavour would benefit the same psychopathic captains of industry. Unshackled from constraints and emboldened in their gluttonous pursuits, the psychopaths would seize the reins once more. The very qualities that made them titans — cunning, vainglorious ambition, hollow empathy, utter disregard for societal norms — would propel their march back towards re-accumulation.
You would even get a new crop of emboldened psychopaths! New fortunes would be rapidly amassed, nouveau-riche dynasties established through the distortions of human hardwiring that pervade the capitalist experiment.
The meek and the non-enterprising would be fleeced of their windfalls quickly, through predation and manipulation, and the current status quo would return.
I have grappled with these thoughts for most of my career, but especially since I started on the path towards conscious capitalism, rebuffing my old Greed is Good Gordon Gekko mindset. What I have thrown around most in my head is — is this just human nature at play? Can we really fight against it, amend it, ameliorate it? Do we just give in, accept the system isn’t fixable, and continue to grudgingly exist within the paradigm of capitalism’s Faustian Bargain?
I have many people who tell me this. That psychopathy is not merely an accepted consequence of this system — it is its inevitable conclusion, the final tragic concerto to which all principles of fair markets, equitability and meritocracy eventually succumb. That there are no solutions to the palpable socio-economic unrest, no possible equalizing reparations to disrupt the cycle.
The path forward lies in frank, honest analysis of our current societal values. We must transition from Gordon Gekko capitalism, the idolizing of callous, dog-eat-dog competition, towards championing collective nurturance and communal thriving, repudiating modern capitalism's selfish dogma.
It’s already happening. And modern capitalism’s psychopaths are not happy.
Commerce & Capital: Adam Smith’s Moral Compass
Smith's Moral Capitalism vs The Rise of Neo-Mercantilism
Over the past few weeks, I've been engaged in a truly epic conversation with a friend, a brilliant, financially successful litigator, an avatar of excellence at the very pinnacle of his legal career.
This isn't your everyday debate — we're tackling the colossal inequalities and economic uncertainties that define life in 2024.
The crux of our debate hinges on a clash of economic philosophies. We're dissecting the core principles of Adam Smith's vision for capitalism, contrasting them with the distorted interpretations that have taken root in contemporary times.
My friend vehemently dismisses many concerns about income inequality and poverty as merely a "left-wing grift" — deploying a cold, utilitarian view of wealth accumulation devoid of much empathy.
My friend believes that income inequality itself is not inherently bad or something to be condemned. He believes the left-wing grift is “the idea that income inequality arises because the rich get wealthy at the expense of the poor through corruption, privilege or a zero-sum game mentality.”
My friend argues that this left-wing view fails to account for the role of talent, honest hard work and differing levels of effort / risk-taking as the true drivers of wealth creation. He believes that many policies that attempt to address income equality are profoundly unfair, trying to transpose the principle of equal rights with enforced equal income outcomes, which he views as tantamount to socialism.
He often cites examples from his own life and family's immigrant experience. Despite facing hardships like poverty, language barriers and discrimination, with perseverance and hard work, his parents were able to achieve success and wealth in Canada and America.
On homelessness, my friend cites doing thousands of hours of pro bono legal work to help the indigent and the unhoused. He expresses frustration that many homeless people he has tried to assist failed to follow through or cooperate, despite his efforts. This led him to conclude over the years that many people simply "want something for nothing."
My friend is an ardent believer in the economic philosophies of Adam Smith and Milton Friedman, seeing them as the economists "who got it right."
He firmly rejects many arguments about systemic factors driving inequality. In his view, hard work, talent and unfettered free market capitalism offer the best path to widespread prosperity. He believes in the “trickle-down” effect.
As evidence that the trickle-down effect works, he points to many homeless people now carrying expensive smartphones. He sees this as a tangible result of wealth and innovation trickling down over time.
My Argument About Why He’s Wrong
Admittedly, I have been taken aback by many aspects of this school of thought, of this conversation.
I’m not anti-capitalist or anti-billionaire. My favourite billionaire case study of all time is probably Michael Bloomberg, because he came about his money mostly honest and fair and square, building a SaaS in the 1980s that became the most dominant fintech and financial media in the world.
I have made somewhere in the ballpark of just over a million dollars during my 16-year entrepreneurial journey, and I still have a lifetime ahead where I want to make millions more. I continue to strive to achieve financial freedom for myself and my family, as any ambitious entrepreneur should aspire to.
But forgive me for wanting to live in a world where there isn’t abject inequality, ghastly poverty, economic inefficiency, craven corruption, brutal warfare and inflationary theft being routinely ignored.
I want to live in a society where people are not stepping over homeless people on their way into the latest 5-star restaurant.
There’s hard work that is collectively ahead of us in fixing our failing economic system. Having money doesn’t preclude that. We are going to need the help of the wealthy class — not cynical, callous abandonment.
Adam Smith’s Invisible Hand barely applies to our modern society today.
Smith, GD bless his well-meaning 18th century Scottish heart, his life’s work was tearing down the system of mercantilism.
It is very arguable that we are slipping back into a modern form of mercantilism.
Despite my friend’s idolization of him, Smith ironically wouldn’t recognize the economic times we live in as being anything that he envisioned or proposed. He, in fact, would have decried much of what we’re seeing now — the monstrous quasi-feudalism that is becoming the norm.
Adam Smith
The Foundations of Smith's Moral Capitalism
At the heart of Smith's economic philosophy was a deep-seated belief in the power of free markets and competition, regulated by an "invisible hand" that would channel individual self-interest towards the greater good of society.
However, this was not a carte blanche for unbridled greed or the accumulation of wealth at any cost.
In his influential work The Theory of Moral Sentiments published in 1759, Adam Smith explored the concept that human morality is rooted in the ability to empathize — to feel a sense of mutual sympathy between oneself and others in society.
Smith defined this "mutual sympathy" as the foundation of moral sentiments, rather than deriving from a specialized "moral sense" as proposed by earlier thinkers like Lord Shaftesbury and Francis Hutcheson, or based solely on utility, as argued by David Hume.
Smith's notion of "mutual sympathy" aligns closely with the modern 20th century understanding of empathy — the capacity to recognize and share the feelings and emotional experiences of others.
This emphasis on empathy as the core tenet of ethical behaviour was a central tenet of Smith's moral philosophy. He believed that economic actions should be guided by ethical considerations, rejecting the notion of self-interest as the sole motivator.
Smith's advocacy for free markets was rooted in the belief that individual self-interest, tempered by moral restraints and competition, would lead to the most efficient allocation of resources and, ultimately, the greatest good for society.
The Divergence from Smith's Moral Compass
In contrast, the modern economic landscape appears to be drifting away from Smith's moral compass, slipping instead into a quasi-mercantilist system where wealth is concentrated in the hands of a few, and the well-being of society is often sacrificed for the benefit of elite interests.
This divergence is exemplified by the dismissal of income inequality and poverty as merely being a "left-wing grift" in the conversation with my lawyer friend.
These views reflect a concerning lack of empathy and a disregard for the human toll of unfettered capitalism — sentiments that are in fact anathema to Smith's original teachings.
Milton Friedman's Free Market Absolutism
Adam Smith is often cited as the father of modern economics, and as my friend did in our conversation, Smith is often talked about in the same breath as late American economist and statistician Milton Friedman.
Milton Friedman
This is a fallacy. Smith’s philosophies differed significantly from the cold, absolutist neo-liberal economic policies promoted by Friedman.
Friedman’s economic theories had many merits, but their inherent social blind spots were already furiously under attack when he died in 2006.
Friedman's unwavering faith in the free market — and dogmatic opposition to government intervention — would likely have clashed with Smith's more nuanced approach, which recognized the need for ethical considerations and a balanced system that benefits society as a whole.
Smith himself might not have even liked or seen eye to eye with Friedman were they contemporaries. Friedman’s free market absolutism bears closer resemblance to the mercantilist principles Smith sought to displace — a system where economic power is consolidated in the hands of a few, and the well-being of the masses is often neglected.
The Modern Resurgence of Mercantilism
The trends we are witnessing today — the rise of corporate monopolies, hyper-protectionist trade policies, and the growing disconnect between the wealthy elite and the struggling masses — bear striking similarities to the 18th century mercantilist model that Smith vehemently criticized.
The past few decades, and especially the last five years, have seen a concerning trend towards wealth concentration and income inequality, a “neo-mercantilism” that needs to be loudly called out for what it is.
These trends not only undermine the principles of ethical capitalism and fair competition, but also threaten social cohesion and economic stability.
The Way Forward: Rediscovering Smith's Moral Capitalism
To chart a course towards a more balanced and equitable economic system, we must rediscover the moral compass that guided Smith's capitalist vision.
This requires a renewed emphasis on empathy, ethical considerations, and a commitment to policies that promote competition, discourage monopolistic practices, and address systemic inequalities.
Only by embracing Smith's original philosophies, which recognized the interdependence of economic prosperity and societal well-being, can we hope to create an economic system that truly serves the greater good.
The pursuit of wealth and entrepreneurial endeavour should not come at the cost of ignoring rising poverty, the erosion of the middle-class and the alarming free-fall in quality of life that we are witnessing globally.
Smith believed that economic actions must be tempered by ethical considerations and a concern for the well-being of society as a whole. I mirror these sentiments. It is the conscious way forward, the only way.
CTA: Reviving Smith's Moral Capitalism
In a world increasingly dominated by corporate giants and elite interests, a recognition of Adam Smith's 18th century pleas for a morally grounded capitalism remains our beacon of hope — a reminder that economic growth and wide-scale human prosperity need not be mutually exclusive.
As we grapple with the complexities of our modern economic landscape, it is vital that we heed Smith's warnings against the perils of mercantilism and rediscover the moral foundations upon which his capitalist vision was built. Only then can we hope to create a truly equitable and sustainable economic system – one that harmonizes individual self-interest with the greater good of society.
Do you agree? What are your thoughts? Share a comment with us and let us know 🙏
Trending Now
What happened to cheap food? Diners, Automats, and affordable eating - Kendra Gaylord: This video is a year old but the topic has increased in trending relevance as we get deeper into 2024. Food affordability, especially in urban centres in the Western world such as London, Toronto, New York City, Chicago, LA, Miami, etc — is becoming an issue. A solid meal in many of these markets is now clocking in at an average of $35 — once again, a pittance for the wealthy, but bitterly expensive for a majority of Americans and Canadians who walk around on a daily basis without $500 in emergency savings. The concept of the automat especially struck me, though we have some variations of it in Japan and other markets where automation has long been the norm.
The top performing people I know (in any industry) are curious learning machines - Dave Gerhardt: I have been following Dave Gerhardt for years since he was a VP at messaging platform Drift. His East-Coast, plain-talking, no-nonsense approach to company building and marketing has always deeply resonated for me. This tweet jumped out at me recently because, in addition to the delusion that I cited earlier as being a necessary ingredient for entrepreneurial success — another ingredient is what Gerhardt cites here — continuous learning and studying. Always Be Learning — a sentiment I dedicated an entire edition to weeks ago.
📚 Book Shelf
The Mountain Is You: Transforming Self-Sabotage Into Self-Mastery by Brianna Weist. I became a big fan of Wiest when I explored her book 101 Essays, so I have delved into The Mountain is You with enthusiasm. Wiest explores how we can transform our daily habits that self-sabotage us into opportunities for the exact opposite — self-mastery. I put this book in the same category as some of the works of Steven Pressfield and Ryan Holiday, where embracing the mental resistance and obstacles can be seen as the direct way through, rather than being avoidant or dismissive of our shortcomings.
The Dhando Investor by Mohnish Pabrai. I was recommended this book by a colleague who cited it’s simple, unpretentious approach to encouraging the everyday person to think like a value investor and start where they are, instead of waiting for a day when they have a bigger pile of money and many hours of economic theory under their belt. Pabrai, a popular value investor whose fund returned a 517% net for investors versus 43% for the S&P 500 Index, suggests a simple rubric of questions that one should ask before they make any investment, large or small:
Is this a business that I understand very well?
Do I know the intrinsic value of the business today and how it is likely going to change in the future?
Is the business priced right now at a big discount to its potential future value?
Would I be willing to invest a large part of my net worth into this business?
Is the downside in this investment minimal?
Does the business have a durable economic moat?
Is it run by able and honest management?
Operating Manual for Spaceship Earth by R. Buckminster Fuller. Published in 1969, I am absolutely blown away by the relevance of Fuller’s words and thoughts. Fuller speaks about the lost potential of mankind as we have touted specialization versus generalization, moving away from being able to solve societal problems in a truly holistic manner, and the role the education complex has played in this phenomenon. As in my explorations of Neil Postman’s work, I am discovering the joy of delving back into the words of commentators from decades past and seeing how to apply their thoughts into a modern context. It also poignantly points to the severe incrementalism of our times, the aeons it takes for ideas to permeate the population, take hold, and have thought leaders pay attention to them and disseminate accordingly.
📰 Articles
Google's AI Overviews: What It Is and Why It's Getting Things Wrong - CNET: With the daily dependence on AI on the rise, the integriy of the answers is becoming an increasing problem. I spoke recently about the rising ubiquity of ChatGPT, Claude and Gemini, in many ways being used more daily than Google Search in its heyday. AI hallucinations — hilarious and frankly dangerous wrong answers to queries — are becoming a growing issue. AI hallucinations occur “when a generative AI model serves up false or misleading information and presents it as fact.” These errors arise from flawed training data, algorithmic errors and misinterpretations of context, and Google’s Gemini has come under recent scrutiny for being the worst offender.
Would love to hear your thoughts on this week’s edition! Leave your comments below. See y’all next week 🙏
Some of the links in these articles may be affiliate links, which means we may receive a small commission, at no additional cost to you, if you decide to make a purchase through one of our recommended partners. We only recommend products and services we trust and believe will be beneficial to our readers. This helps support our ongoing efforts to bring you valuable content.
The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.
Commerce & Capital is a publisher of financial information, not an investment advisor. Commerce & Capital does not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient. Commerce & Capital does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.
THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN. INVESTORS SHOULD OBTAIN INDIVIDUAL INVESTMENT ADVICE BASED ON THEIR OWN CIRCUMSTANCES BEFORE MAKING AN INVESTMENT DECISION
No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.
The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.
Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and Commerce & Capital undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.
Commerce & Capital does not accept any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein.
By using the Site or any related social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.
Commerce & Capital publishes content through Beehiiv, an email newsletter platform and operates the websites CommerceandCapital.co and and social media accounts (including but not limited to): Instagram, Twitter, Linkedin, TikTok, YouTube, SnapChat, Facebook and Threads. By accessing Commerce & Capital’s content, you agree to be bound by the Terms of Use and Privacy Policy, in effect at the time you access this website or any page thereof or any of Commerce & Capital’s content. The Terms of Use and Privacy Policy may be amended from time to time. Nothing on this website or Commerce & Capital constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, any securities to any person in any jurisdiction where such an offer or solicitation is against the law or to anyone to whom it is unlawful to make such offer or solicitation. Commerce & Capital is not an underwriter, broker-dealer, Title III crowdfunding portal or a valuation service and does not engage in any activities requiring any such registration. Commerce & Capital does not provide advice on investments or structure transactions. Offerings made under Regulation A under the U.S. Securities Act of 1933, as amended (the "Securities Act") are available to U.S. investors ONLY who are “accredited investors” as defined by Rule 501 of Regulation D under the Securities Act well as non-accredited investors, who are subject to certain investment limitations as set forth in Regulation A under the Securities Act. In order to invest in Regulation A offerings, investors may be asked to fill out a certification and provide necessary documentation as proof of your income and/or net worth to verify that you are qualified to invest in offerings posted on this website. All securities listed on this site are being offered by, and all information included on this site is the responsibility of, the applicable issuer of such securities. Commerce & Capital does not verify the adequacy, accuracy or completeness of any information. Neither Commerce & Capital nor any of its officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy, valuations of securities or completeness of any information on this site or the use of information on this site. Neither Commerce & Capital nor any of its directors, officers, employees, representatives, affiliates or agents shall have any liability whatsoever arising from any error or incompleteness of fact, or lack of care in the preparation of, any of the materials posted on this website. Investing in securities, especially those issued by start-up companies, involves substantial risk. investors should be able to bear the loss of their entire investment and should make their own determination of whether or not to make any investment based on their own independent evaluation and analysis.
If you have any questions please contact us at [email protected]
Reply