Sunday, September 07, 2008
“The trouble, in my opinion, with corporate America today is that everything is thought of in quarters,” Mr. Kravis said in an interview with the American Academy of Achievement several years ago. “Analysts push them: ‘What are you going to earn this quarter?’
We say to the management of companies: ‘You are here today. Where do you want to be five years from now, and how are you going to get there?’ ”
I knew that the country's profound idolatry surrounding the Dow Jones Industrial Average was detrimental, but I hadn't also considered the remarkably deleterious effect of the observance of "the quarterly result"...thank you Mr. Kravis.