![]() He pioneered both the use of EBITDA and the incredible “ Aggregator Moat ” of the Cable industry, which served as the bottleneck of the entire industry and made Cable companies one of the best businesses to own during his generation (prior to its disruption by Streaming). Readers of Malone’s bestselling biography Cable Cowboy will also recall how Malone employed the structural benefits of economies of scale in the Cable industry to its full extent in order to drive down unit costs - culminating in TCI gaining quasi-monopoly bargaining power over its customers and suppliers. John Malone’s 25-year track record of 30% CAGR (source: The Outsider CEOs ) We also noted similarities between some of the things which he implemented at TCI (that led to its success) to the things that Disney CEO Bob Iger is currently institutionalizing at Disney+ today. Malone was the subject of our Disney Part 1 report, where he explored how his cable company TCI rewarded its shareholders with 30% CAGR over his 25-year tenure as CEO - beating even Buffett’s record at Berkshire. Most people would have recognized Warren Buffett and John Malone in the list above diehard value investors will also recognize Henry Singleton of Teledyne, Tom Murphy of Capital Cities and Katherine Graham of the Washington Post - all dear friends of Buffett. They were all frugal and mindful of costs. They were all decentralizers who empowered their employees to make decisions. They were all value-conscious and disciplined in their capital allocation. They were all long-term thinkers who focused on creating enduring value. Tom Murphy: CEO of Capital Cities Broadcasting Corporationīill Anders: CEO of General Dynamics Corporationĭick Smith: Founder and CEO of General Cinema Corporationīill Stiritz: CEO of Ralston Purina Company Katharine Graham: CEO of The Washington Post Company John Malone: CEO of Tele-Communications Inc. Warren Buffett: CEO of Berkshire Hathaway Inc. Despite that, all 8 Outsider CEOs were some of the best-performing CEOs in the entire history of modern corporate America. These leadership traits stood in stark contrast to the status quo of corporate America, which celebrated more traditional leadership traits such as charisma, vision, risk-taking and hustle culture. These traits included an undying focus on maximizing ROIC over growth, a willingness to shrink for efficiency, adopting a measured, logical approach to operations - and most importantly, making Optimal Capital Allocation the first priority in corporate strategy. ![]() However, the results of his study were utterly surprising - each of the 8 CEOs he profiled shared very “Outsider” leadership traits which challenged the premise of corporate America’s status quo. The starting point of his study begins with two extremely high criteria: 1) the share prices of the companies run by qualifying CEOs had to outperform GE’s during the tenure of its legendary CEO Jack Welch and 2) outperform the share prices of their own industry peers during each candidate’s respective long-term tenures as CEOs. Notification to the delivery carrier in your area.In William Thorndike’s seminal value investing manual The Outsider CEOs, the author does the equivalent of a PhD study which seeks to identify what CEO leadership traits deliver the greatest LT share price outperformance. Subscription does not begin as scheduled on the first day, please contact the The Malone Telegram, so that we can send a reminder If you have any questions about your start date, or if your newspaper Shown on the confirmation screen after you place an order. In most areas, new orders begin within 2 to 3 daysĪfter the order request is received. Time to start delivery on a new order varies by area. When will The Malone Telegram home delivery start? The lead If your paper does not come on a scheduled delivery date, please contact The Malone Telegram as soon as possible to receive credit. There are always extenuating circumstances, such as inclement weather, that might cause your newspaper delivery to be delayed. Of course, we strive to maintain these guidelines as much as possible, however, Update your delivery and billing information, stop delivery of your newspaper when you'reĪway, discover special promotions and notify the The Malone Telegram of any questions or comments you have.īy what time should I expect the paper to be delivered? In most areas, the paper will be delivered by 7:00 AM on weekdays, 7:00 AM on Saturdays, and 8:00 AM on Sundays. You should expect responsive customer care that allows you to review and What should I expect from Malone Telegram Customer Service?
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