Yesterday I attended a preview exhibition of Art Basel in sunny Miami Beach. Art Basel is over 30 years old and has established itself as the most important art show in the world. The Miami Beach exhibition marked the first time the show has been held outside of its home in Basel, Switzerland.

Back in my office in snowy New York City I received a phone call early this morning from an investor who is in Miami Beach attending the art show. The caller told me about a front page article in this morning’s Miami Herald titled, “Basel Show Unveiled.” The article describes a “sculpture so realistic it drew crowds.” It was a work by Japanese artist Momoyo Torimitsu. The piece is described in the story as “a mechanical mannequin of a middle-age, balding man dressed in a black suit and crawling on his elbows across the floor.” Ms. Torimitsu is quoted as saying, “I really get inspired by New York and the idea of competition.” I just happened to be standing by as the reporter was interviewing Ms. Torimitsu. I offered my impressions and they made their way into the article with some prominence. Attached is a photo I took of Ms. Torimitsu and her corporate man. Enjoy it from your perspective.

What did I say to the reporter? The article stated that I saw “in the work a reflection of corporate corruption.” Actually, I was moved that Ms. Torimitsu was inspired by competition and New York, and disappointed that U.S. securities regulators continue to side with the industry against investors by not allowing free competition between short-sellers and stockbrokers.