The concentration of economic power separate from ownership has, in fact, created economic empires, and has delivered these empires into the hands of a new form of absolutism, relegating "owners" to the position of those who supply the
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“Each looked at the process [of drafting an agreement] as drawing a series of concentric circles to circumscribe the risks, with the issues in the inner rings being the most likely risks. They tried to draw as many circles as reasonably necessary, without burdening the deal with too much complexity. Frank's structures were often elliptical, covering issues in the outer rings while sometimes leaving others reasonably near the center uncovered. Marshall's deals were more symmetrical and less complex, unlikely to cover remote or novel risks not in the center (although possibly a problem in time), since he proceeded from precedent.”
― Tombstones: A Lawyer's Tales from the Takeover Decades
― Tombstones: A Lawyer's Tales from the Takeover Decades
“The M & M sees avoiding error as largely a matter of will—of staying sufficiently informed and alert to anticipate the myriad ways that things can go wrong and then trying to head off each potential problem before it happens. It isn't damnable that an error occurs, but there is some shame to it. In fact, the M & M's ethos can seem paradoxical. On the one hand, it reinforces the very American idea that error is intolerable. On the other hand, the very existence of the M & M, its place on the weekly schedule, amounts to an acknowledgement that mistakes are an inevitable part of medicine.”
― Complications: A Surgeon's Notes on an Imperfect Science
― Complications: A Surgeon's Notes on an Imperfect Science
“My third answer for becoming a positive deviant: Count something. Regardless of what one ultimately does in medicine—or outside medicine, for that matter—one should be a scientist in the world....If you count something you find interesting, you will learn something interesting.”
― Better: A Surgeon's Notes on Performance
― Better: A Surgeon's Notes on Performance
“[The directors] were proud, sensible business people who realized that their reputations were at stake and that, while they were a jury for the moment, they in turn would be judged.”
― Tombstones: A Lawyer's Tales from the Takeover Decades
― Tombstones: A Lawyer's Tales from the Takeover Decades
“This may come as a surprise to some of you, but Federal Express is not a wholly owned subsidiary of Bear, Stearns & Co. Inc. I mention this because we have been spending $50,000 a month with them and there is no explanation to justify this expenditure unless it was an intercompany transfer.”
― Memos from the Chairman
― Memos from the Chairman
Eric’s 2025 Year in Books
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