The Outsiders
Thorndike profiles eight unconventional public-company CEOs — from Henry Singleton at Teledyne to Tom Murphy at Capital Cities, John Malone at TCI, Katharine Graham at the Washington Post, and Warren Buffett at Berkshire Hathaway — whose long-run shareholder returns dramatically outpaced their peers. The unifying lesson is not strategy or charisma but capital allocation: each operator faced the same five choices (reinvest, acquire, pay dividends, buy back stock, repay debt) and made decisions guided by ROIC versus cost of capital — not quarterly optics. The book is the concrete case-study companion to anyone thinking seriously about management quality as a fundamental input to long-run intrinsic value.
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