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At the public company level, it is easier to attract talented operators to run the business. These CEO's have the luxury of hiring capable operators and divisional vice presidents who have complete autonomy to run the business for cash flow, freeing up the CEO's to make optimal allocation decisions. This book focuses on large public companies and the unconventional approaches to generating shareholder returns via share buybacks, divestitures, and equity and debt offerings. The result of which is a big disconnect between owners and operators on capital decisions, which as the book demonstrates, have a large impact on returns. Most of the CEO's I interact with don't have financial or CFO backgrounds, rising through the sales or operations ranks. The result of which is a big disconnect between owners and operators on capital d The Outsiders is about 8 CEOs who have enjoyed far better returns on company stock than their peers or the market due to their ability to allocate both financial and human capital.I really liked this book because capital allocation rarely gets talked about at the C-suite level from my experience. The Outsiders is about 8 CEOs who have enjoyed far better returns on company stock than their peers or the market due to their ability to allocate both financial and human capital.I really liked this book because capital allocation rarely gets talked about at the C-suite level from my experience. Instead, they shared specific traits that put them and the companies they led on winning trajectories: a laser-sharp focus on per share value as opposed to earnings or sales growth an exceptional talent for allocating capital and human resources and the belief that cash flow, not reported earnings, determines a company’s long-term value.ĭrawing on years of research and experience, Thorndike tells eye-opening stories, extracting lessons and revealing a compelling alternative model for anyone interested in leading a company or investing in one-and reaping extraordinary returns.more Humble, unassuming, and often frugal, these "outsiders” shunned Wall Street and the press, and shied away from the hottest new management trends.
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In The Outsiders, you’ll learn the traits and methods-striking for their consistency and relentless rationality-that helped these unique leaders achieve such exceptional performance. You may not know all their names, but you will recognize their companies: General Cinema, Ralston Purina, The Washington Post Company, Berkshire Hathaway, General Dynamics, Capital Cities Broadcasting, TCI, and Teledyne. You will meet eight individualistic CEOs whose firms’ average returns outperformed the S&P 500 by a factor of twenty-in other words, an investment of $10,000 with each of these CEOs, on average, would have been worth over $1.5 million twenty-five years later. In this refreshing, counterintuitive book, author Will Thorndike brings to bear the analytical wisdom of a successful career in investing, closely evaluating the performance of companies and their leaders. But what really matters when you run an organization? What is the hallmark of exceptional CEO performance? Quite simply, it is the returns for the shareholders of that company over the long term. Others might point to the qualities of today’s so-called celebrity CEOs-charisma, virtuoso communication skills, and a confident management style.
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What makes a successful CEO? Most people call to mind a familiar definition: a seasoned manager with deep industry expertise. ”It is impossible to produce superior performance unless you do something different.” - John Templeton ”It is impossible to produce superior performance unless you do something different.” - John Templeton What makes a successful CEO? Most people call to mind a familiar definition: a seasoned manager with deep industry expertise.