Download PDF The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success By William Thorndike
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Ebook About “An outstanding book about CEOs who excelled at capital allocation.” — Warren Buffett#1 on Warren Buffett’s Recommended Reading List, Berkshire Hathaway Annual Shareholder Letter, 2012Named one of “19 Books Billionaire Charlie Munger Thinks You Should Read” in Business Insider.“A book that details the extraordinary success of CEOs who took a radically different approach to corporate management.” — Charlie Munger, Vice-Chairman of Berkshire Hathaway Corporation“Thorndike explores the importance of thoughtful capital allocation through the stories of eight successful CEOs. A good read for any business leader but especially those willing to chart their own course.” — Michael Dell, chairman of the board of directors and chief executive officer of DellWhat makes a successful CEO? Most people call to mind a familiar definition: “a seasoned manager with deep industry expertise.” Others might point to the qualities of today’s so-called celebrity CEOs—charisma, virtuoso communication skills, and a confident management style. 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.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. 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. 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. 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.Humble, unassuming, and often frugal, these “outsiders” shunned Wall Street and the press, and shied away from the hottest new management trends. 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.Drawing 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.Book The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success Review :
In my opinion, this is a book on Applied Corporate Finance. As those who ever took a Corporate Finance class know, the basic premise on which that discipline is built is Maximization of Shareholder Value. Well, this book is about exactly that. According to Corporate Finance theory, the maximization of shareholder value is achieved by following three principles -the Investment Principle, the Financing Principle, and the Dividends Principle. The Investment and Dividends Principles are what in the book the author calls Uses of Cash (Capital Allocation). The Financing Principle has more to do with what the author refers to as the Sources of Cash (asset divestitures, issues of equity/debt, etc). Questions related to operations efficiency are only covered superficially, but that's fine. From the get go, the author is honest about the focus and scope of the book.The book is unique in the sense that there are not many books on Corporate Finance case studies. This book is exactly that. Each of the CEOs/Companies profiled here is a separate case, dealt with in separate chapters. I like that.It is also a well-written, well-researched book. It is an entertaining read and, on top of everything, it has the endorsement of Warren Buffett. You cannot ask for much more than that. Oh wait! Yeah, the presentation is pretty nice. I like good looking, elegant hardcover books.Now, why am I holding back one star? See below:1- The book is kind of dogmatic about certain rules deemed as universal (e.g., never pay dividends, never issue new shares, etc). If things were so simple, then Corporate Finance would not exist as a discipline.2- The author kind of pounds on Jack Welch as someone who, even though successful, has not accomplished the same level of results that the CEOs included in his book did. Well, guess what, you cannot compare apples to oranges. Jack Welch was the CEO of GE. These other CEOs took over when their companies were very small, and completely unknown. I'm not saying the they do not deserve credit for what they accomplished. All I'm saying is that you cannot expect GE's stock price to grow at the same pace small cap stocks grow. Scale is important. So, when adding Jack Welch into the mix, the relevant question is no longer who grew the stock price the most, but who generated the most profits (in absolute dollar value) for their shareholders. Again, scale is important. It's not the same to be the president of the US than the president of Uruguay.I guess the ultimate goal of the book is not so much to teach Corporate Finance lessons but to help value investors select good CEO's. "Good" in this sense means CEO's who are focused on maximizing shareholder value in the long term. In other words, CEO's whose interests are in line with those of the owners of the company. Now, this might be an outdated approach since good Corporate Governance practices are nowadays widespread, which ensures that the compensation of executives is tied to business results. Not to say that there are still not principal-agent issues around, but it is definitely not as pervasive of a problem as it was decades ago.Hope this helps.Cheers! Buffett uses float from his insurance companies and cash flow from the consumer companies so he doesn't need to use external fundraise and debt to invest. The chapter on Warren Buffet is worth the price of the book.As a venture capitalist and owner of many companies, I learn so many insightful strategies such as capital allocation, rolling up companies to maximize scale, margin and cash flow strategy to acquire companies. I get so many ideas to scale my investments.Thanks William Thorndike to write an insightful book on capital allocation. Recommended for CEO, entrepreneurs and investors. Read Online The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success Download The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success PDF The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success Mobi Free Reading The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success Download Free Pdf The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success PDF Online The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success Mobi Online The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success Reading Online The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success Read Online William Thorndike Download William Thorndike William Thorndike PDF William Thorndike Mobi Free Reading William Thorndike Download Free Pdf William Thorndike PDF Online William Thorndike Mobi Online William Thorndike Reading Online William ThorndikeDownload Mobi Mastering Excel: Starter Set By Mark Moore
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