"can a CEO with the best track record imaginable turn around a poorly performing company? According to MIT economist Antoinette Schoar the answer is yes roughly 60% of the time, which is not that much better than the odds of getting heads on a coin toss.A propósito das "moats":
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non-human assets — i.e., their moats — were ultimately more important to firms than human assets, with their relative importance increasing over time.
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If all this is true, then the high CEO turnover you see at many public companies is not a symptom of poor management. It suggests a deeper problem, which is that the companies in question simply don’t have a competitive advantage and are simply engaged in a lottery, hoping to find a CEO who can find one. The odds aren’t favorable."
"Value investors like Graham and Buffett believe that the sources of sustainable returns on capital are not a company’s human assets but their so-called “economic moats,” structural, durable competitive advantages around revenues or costs. Revenue moats are usually linked to intangible assets (including brands and patents), high switching costs, and network economies. Cost moats are linked to the ownership of cheaper or faster processes, favorable locations, unique assets, or firm size."
Trechos retirados de "Profit Is Less About Good Management than You Think"
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