CEOs are hired by boards. Boards are hired by shareholders. Most publicly-traded American companies have their shares held by pension and retirement funds. Pension and retirement funds exist to send money to people over 55.

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whatshisface 21 days ago | parent | next [-]

I'm sure VPs are sweating bullets over the instructions they will receive during the part of the shareholder's call where mutual fund managers dial their members and hold the phones up to each other.

	▲	lenerdenator 20 days ago \| parent [-]
		I know you're trying to reduce it to absurdity, but there's still pressure to make their members happy. The fund managers are under the same competitive pressure as anyone else and are incentivized to get the best possible returns for their clients. If they don't, the members leave and take their money to another fund that is better at making money.

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gruez 21 days ago | parent | prev | next [-]

By that definition anything that happens in politics or corporate america is "fervently pushed by people over 55", because that's the group with the most political and economic power. AI push? Boomers. Datacenter backlash? Boomers. ESG push? Boomers. ESG backlash? Boomers.

	▲	lenerdenator 20 days ago \| parent [-]
		I know that there's backlash and push on each issue from every age range, but people ultimately vote with their wallets. They're sending their money to people who get them the most money regardless of what they think on an issue.

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mikestew 20 days ago | parent | prev [-]

Yes, as an oldster I’m constantly on the phone with mutual fund managers expressing my desire for CEOs to push more AI. :eyeroll:

Now if you’ll excuse me, I have to get back to conspiring with my fellow seniors to keep house prices up in my local area.

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lenerdenator 20 days ago | parent [-]

I know you're trying to reduce it to absurdity, but that's not what I'm saying you're doing, and I think you know it.

I'm saying people chase returns. If you find out that one mutual fund is going to give you reasonably higher returns than your current mutual fund, you're likely to at least consider the option of switching to that competing mutual fund, regardless of how they get the increased returns.

Multiply that times a few dozen million people and you start to see some effects on the economy, like laying off workers in favor of using AI.

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mikestew 19 days ago | parent [-]

I'm saying people chase returns.

And I’m saying that there’s so many dots to connect to reach your conclusion that it becomes no conclusion at all, let alone having much to do with the decision-making of oldsters.

	▲	lenerdenator 19 days ago \| parent [-]
		It's almost as if this is a complex system of human behavior and incentives that spans an entire society. That being said, if you pay attention to what's going on, it's fairly obvious to see. Gens Y and Z make up the largest population cohort in the US by size, but hold only 10.5% of total wealth in the US. Baby Boomers hold about half. [0] Baby Boomers are of retirement age. That means that many of them are drawing off of retirement accounts. Since you can't save for retirement without compensating for inflation, you have to find ways to grow the money. Most people do this through investments backed by stocks and bonds. Stocks and bonds derive their value from the labor of the people working at the organizations that issued the stocks and bonds. More and more, those people aren't Baby Boomers. They're retired. So that money is coming from people who are still working: Gens X, Y, and Z. To increase returns on those stocks and bonds, you have to reduce the amount of money going to the people doing the work so that they can go to shareholders. Those shareholders are often people with retirement accounts. [0] https://www.visualcapitalist.com/americas-wealth-distriution...