The outsiders: eight unconventional CEOs and their radically rational blueprint for success / William N. Thorndike, Jr. p. cm. ISBN (alk. The Outsiders: Eight Unconventional CEOs and Their. 99 Pages · · MB · 4, Downloads ·English. by Thorndike, William N. Preview Download. Ships from and sold by The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success Hardcover – October 23, William N. Thorndike is founder and a managing director of Housatonic Partners, a private equity firm.

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Who is William Thorndike? William Thorndike received his MBA from Stanford University. He also graduated from Harvard and went on to become a founding. William Thorndike,. The Outsiders. “The best CEOs are “masters of. “capital allocation- the process of deciding how to deploy the firm's resources” capital. William Thorndike's new book, The Outsiders: Eight unconventional CEOs and their radically rational blueprint for success, turns received wisdom on its head.

For the talk, Thorndike chose to focus on Henry Singleton, who built Teledyne Technologies and had a reputation for being a master capital allocator. During the second semester, they interviewed everyone they could about Singleton, who died in , including venture capitalist Arthur Rock, hedge fund manager Leon Cooperman and Berkshire Hathaway vice-chairman Charlie Munger.

How 'The Outsiders' Became One Of The Most Important Business Books In America

He had a day job so the research took time—Thorndike says he would do research on the weekends or on flights back and forth to San Francisco, where his firm has an office. He researched one CEO a year.

He had two tests each CEO had to meet to warrant study: After some four years, Thorndike started to think that he might be able to turn the project into a book.

Most of what separated these guys from their peers is in that second activity, which has the unwieldy name of capital allocation.

Thorndike spent eight years working on the book and interviewed all the living CEOs he studied. Thorndike basically concluded that to achieve meaningful outperformance, CEOs need to do things differently than the other CEOs running companies in their respective industries.

Why Outsiders Always Win: 8 Unorthodox CEO's You've Never Heard Of

At the same time, however, Thorndike found the CEOs he researched had quite a bit in common. They also bought back a lot of their stock.

The successful CEOs Thorndike studied helped usher in the share downloadback era. But Thorndike discovered that there was an important nuance to their downloadback moves.

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They were not just mindlessly redownloading shares each quarter. They minimized their dividends and, unlike many publicly-traded companies today, did not announce a big stock downloadback authorization and redownload a systematic amount of stock every quarter. The Wall Street Journal reported in February that activist investors who agitate for change at companies have been particularly fond of the book.

Opportunity cost is the next best thing you can do with your money. In financial markets that are liquid, we generally assume that you can find multiple investments with similar risk and reward profiles.

My views on the market, tech, and everything else

So the idea that is relevant is what I can earn on an alternative investment of similar risk. That is the cost of capital. Warren Buffett pays more for private companies in part since he gets to manage the cash.

Investing is done best when it is most businesslike, and vice versa. They are conformable with concentration of assets avoiding standard diversification dogma.

The Outsiders: Eight Unconventional CEOs and Their

They would rather invest in a few things squarely within their circle of competence than speculate about the behavior of large masses of people. Companies are valued not on their percentage margins, but on how many dollars they actually make, and a multiple of that. The Outsider CEOs realize that opportunities which are substantially in your favor arise rarely so they are patient, prepared to act quickly and yet very aggressive when it is time. When you have the odds substantially in your favor bet big.

Berkshire is trading at percent of book, or a price-to-book ratio of 1. It is that simple.While it wasn't rocket science, the management style and initiatives these eight CEOs implemented, was unconventional for the time.

Crucially, Thorndike manages to bring out supporting anecdotes and real-life evidence in all eight CEO-studies, making these shared specific traits reality, rather than just fancy words. But that would mean that, in the short term, he would have to sacrifice profits.

Thorndike Jr.. Save it to your desktop, read it on your tablet, or email to your colleagues Divestments - the Outsider CEOs were not in the business of growing for growth's sake.

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