“It is a value question whether a business should be run for. . .”

“It is a value question whether a business should be run for short-term results or for ‘the long run.’ Financial analysts believe that businesses can be run for both, simultaneously. Successful businessmen know better. To be sure, everyone has to produce short-term results. But in any conflict between short-term results and long-term growth, one company decides in favor of long-term growth, and another company decides such a conflict in favor of short-term results. Again, this is not primarily a disagreement on economics. It is fundamentally a value conflict regarding the function of a business and the responsibility of management.”

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“It is a value question whether a business should be run for. . .”

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