Quotation of the Day…

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… is from page 173 of economist Arthur Diamond, Jr.’s excellent 2019 book, Openness to Creative Destruction: Sustaining Innovative Dynamism (original emphases; footnote deleted):

Federal disclosure rules [imposed by the U.S. Securities and Exchange Commission] result in long, opaque documents that almost no one reads, resulting paradoxically in consumers who are less well-informed but who believe that the government is protecting them. Remember that a good part of the reason why financial information is so lengthy and opaque is that government regulations require it.