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Compassionate Diversified Capitalist

Summary:
Early Tuesday morning, a car crashed into a local McDonald's restaurant in Seaside, California, about 5 miles from where I live. The McDonald's caught on fire and collapsed. Fortunately all the employees were able to get out safely. The owner, Landon Hofman, owns 7 local McDonald's franchises. Here's a clip from a local news story about how he reacted:On Tuesday Hofman found jobs for all 42 of the employees from the Seaside store at his other locations. "I have spent all morning long now taking all the employees from this store and redistributing them to the other stores because they've got bills to pay and mouths to feed," he said.This illustrates two things: (1) his compassion and (2) the value of

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Early Tuesday morning, a car crashed into a local McDonald's restaurant in Seaside, California, about 5 miles from where I live. The McDonald's caught on fire and collapsed. Fortunately all the employees were able to get out safely.

The owner, Landon Hofman, owns 7 local McDonald's franchises. Here's a clip from a local news story about how he reacted:

On Tuesday Hofman found jobs for all 42 of the employees from the Seaside store at his other locations.

"I have spent all morning long now taking all the employees from this store and redistributing them to the other stores because they've got bills to pay and mouths to feed," he said.


This illustrates two things: (1) his compassion and (2) the value of diversification. On (2), if he had owned only one franchise, this would have been hard to do.


David Henderson
David Henderson is a British economist. He was the Head of the Economics and Statistics Department at the OECD in 1984–1992. Before that he worked as an academic economist in Britain, first at Oxford (Fellow of Lincoln College) and later at University College London (Professor of Economics, 1975–1983); as a British civil servant (first as an Economic Advisor in HM Treasury, and later as Chief Economist in the Ministry of Aviation); and as a staff member of the World Bank (1969–1975). In 1985 he gave the BBC Reith Lectures, which were published in the book Innocence and Design: The Influence of Economic Ideas on Policy (Blackwell, 1986).

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