“We sell under the following three conditions (the numbers in parentheses indicate the number of businesses sold): 1. A decline in governance standards (0) 2. Egregiously wrong capital allocation (3) 3. Irreparable damage to the business (6) We have sold ten businesses since 2007 (the nine listed here plus the mistake). I am excluding three businesses that strategic buyers acquired. This translates to one exit every one and a half years. How’s that for laziness? As you can see, six of our nine exits occurred because we believed the business had been damaged beyond repair. And how did we come to that conclusion? An example can clarify.”