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He asks managers to judge every action by how it would look on the front page of a local newspaper, written by a smart but unfriendly reporter.
The original source of his thoughts on the "institutional imperative" and ethics. To provide more tailored advice for your report: He asks managers to judge every action by
Rationality is most critical when deciding what to do with company earnings. He expects managers to reinvest money only if it can generate a return higher than the cost of capital; otherwise, it should be returned to shareholders. it should be returned to shareholders.
