“CBS spent much of the 1960s and 1970s taking the enormous cash flow generated by its network and broadcast operations and funding an aggressive acquisition program that led it into entirely new fields, including the purchase of a toy business and the New York Yankees baseball team. CBS issued stock to fund some of these acquisitions, built a landmark office building in midtown Manhattan at enormous expense, developed a corporate structure with forty-two presidents and vice presidents, and generally displayed what Buffett’s partner, Charlie Munger, calls “a prosperity-blinded indifference to unnecessary costs.”1”


William N. Thorndike Jr., The Outsiders: Eight Unconventional Ceos and Their Radically Rational Blueprint for Success
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The Outsiders: Eight Unconventional Ceos and Their Radically Rational Blueprint for Success The Outsiders: Eight Unconventional Ceos and Their Radically Rational Blueprint for Success by William N. Thorndike Jr.
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