viernes, 31 de julio de 2015


Wall Street "short-termism" is just about who should get to make decisions with capital. If you are bad at investing capital, investors will keep you on a short leash, and ask for their capital back if you have any to spare so they can put it to better uses. If you are great at investing capital, sure, buy a virtual-reality headset company, build driverless cars, shoot rockets to Mars, whatever, go nuts. Long-term corporate investment and deep basic research is possible, but you have to earn it.

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