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An outstanding book about CEOs who excelled at capital allocation." Warren Buffett
#1 on Warren Buffett's Recommended Reading List, Berkshire Hathaway Annual Shareholder Letter, 2012
Named one of 19 Books Billionaire Charlie Munger Thinks You Should Read" in Business Insider.
A book that details the extraordinary success of CEOs who took a radically different approach to corporate management." Charlie Munger, Vice-Chairman of Berkshire Hathaway Corporation
Thorndike explores the importance of thoughtful capital allocation through the stories of eight successful CEOs. A good read
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Produktbeschreibung
An outstanding book about CEOs who excelled at capital allocation." Warren Buffett

#1 on Warren Buffett's Recommended Reading List, Berkshire Hathaway Annual Shareholder Letter, 2012

Named one of 19 Books Billionaire Charlie Munger Thinks You Should Read" in Business Insider.

A book that details the extraordinary success of CEOs who took a radically different approach to corporate management." Charlie Munger, Vice-Chairman of Berkshire Hathaway Corporation

Thorndike explores the importance of thoughtful capital allocation through the stories of eight successful CEOs. A good read for any business leader but especially those willing to chart their own course." Michael Dell, chairman of the board of directors and chief executive officer of Dell

What makes a successful CEO? Most people call to mind a familiar definition: a seasoned manager with deep industry expertise." Others might point to the qualities of today's so-called celebrity CEOscharisma, virtuoso communication skills, and a confident management style. But what really matters when you run an organization? What is the hallmark of exceptional CEO performance? Quite simply, it is the returns for the shareholders of that company over the long term.

In this refreshing, counterintuitive book, author Will Thorndike brings to bear the analytical wisdom of a successful career in investing, closely evaluating the performance of companies and their leaders. You will meet eight individualistic CEOs whose firms' average returns outperformed the S&P 500 by a factor of twentyin other words, an investment of $10,000 with each of these CEOs, on average, would have been worth over $1.5 million twenty-five years later. You may not know all their names, but you will recognize their companies: General Cinema, Ralston Purina, The Washington Post Company, Berkshire Hathaway, General Dynamics, Capital Cities Broadcasting, TCI, and Teledyne. In The Outsiders, you'll learn the traits and methodsstriking for their consistency and relentless rationalitythat helped these unique leaders achieve such exceptional performance.

Humble, unassuming, and often frugal, these outsiders" shunned Wall Street and the press, and shied away from the hottest new management trends. Instead, they shared specific traits that put them and the companies they led on winning trajectories: a laser-sharp focus on per share value as opposed to earnings or sales growth; an exceptional talent for allocating capital and human resources; and the belief that cash flow, not reported earnings, determines a company's long-term value.

Drawing on years of research and experience, Thorndike tells eye-opening stories, extracting lessons and revealing a compelling alternative model for anyone interested in leading a company or investing in oneand reaping extraordinary returns.
Autorenporträt
William N. Thorndike is founder and a managing director of Housatonic Partners, a private equity firm. He is a graduate of Harvard College and the Stanford Graduate School of Business and has been a guest lecturer at the Harvard and Stanford business schools. He is a director of eight companies, and two not-for-profit organizations and lives in the Boston area with his wife and two children.
Rezensionen
An outstanding book about CEOs who excelled at capital allocation." Warren Buffett

One of the Most Important Business Books in America." Forbes

This book completely changed my business life... If you want to build a company that generates incredible returns, this book should be on your required reading list." Dave Morin, Founder & Partner, Slow Ventures as seen on Medium

easily the best investment or business book published in the past few years" Brendan Matthews, Motley Fool

an important insider's perspective, an unapologetic glimpse into the hard-core investor view of what success looks like." Forbes.com

"It focuses on the less sexy but equally important job of a CEOcapital allocation." Mebane Faber, CIO and portfolio manager at Cambria Investment Management (Business Insider's Wall Street Reading List for 2014)

Thorndike wants to give any manager or business owner the confidence to occasionally do things differently from your peers to make the most of the cards they're dealt and to delight their shareholders." Financial Times

[Thorndike's] findings turn received wisdom about CEO success on its head. It's not revenue and profit growth, but the increase in a company's per share value that offers the ultimate barometer of a CEO's greatness Thorndike may have discovered an alchemic formula for CEO success. But will existing CEOs listen?" economia

Thorndike has done extensive research on each of the people features, and their success story makes for an inspiring and most definitely, compelling read." The Hindu (India)

An extremely instructive readwell worth the effort." Business Traveller magazine

This is an eminently readable volume with plenty of lessons." The Irish Times

ADVANCE PRAISE for The Outsiders:

Jim Collins, author, Good to Great; coauthor, Built to Last and Great by Choice
Will Thorndike dissects an eclectic and fascinating group of business leaders who created exceptional long-term value. He takes the unique angle of examining great CEOs as chief allocators of capital, so disciplined in their empirical rationality as to be nonconformists in the very best sense. Thorndike's take is fresh, smart, and provocativeand well worth learning."

Michael J. Mauboussin, Chief Investment Strategist, Legg Mason Capital Management; author, The Success Equation
Will Thorndike provides management principles that are as rock solid as they are rare and shares the engaging stories of eight CEOs who lived by them. The ideas in this book provide both executives and investors with the North Star of value. Follow it and prosper."

Mason Hawkins, Chairman and CEO, Southeastern Asset Management
The Outsiders is a must-read for leadersand aspiring leadersstriving to become exceptional CEOs, and for investors interested in partnering with exceptional stewards of corporate capital."

Walter Kiechel, author, The Lords of Strategy
If creating wealth for shareholders is the ultimate test of a CEO, meet the champions. The names of these outsiders' may come as a surprise, but you will learn valuable strategic lessons from their iconoclastic ways."

Thomas A. Russo, Partner, Gardner Russo & Gardner
The Outsiders celebrates leaders who kept their firms focused, rewarded their management despite long periods of inactivity, andby keeping their companies out of troublefound themselves free to pounce when compelling opportunities arose. A highly effective playbook for excellence."
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