Sublime

Each quarter we try to study an admirable company and discuss it with our Operating Group managers and board members. We focus on high performance conglomerates that have demonstrated at least a decade of superior shareholder returns.

It appeared clear that one basic mistake was a divided responsibility. The Executive Committee, the operating divisions, and the Research Corporation, all with different viewpoints both within themselves and with each other, were trying to do an administrative job. It was clear that we now must get back to sound principles, concentrate the responsi

By 1920 its lineup ranged from Chevrolet at the low end through Oakland and Olds, Scripps-Booth and Sheridan, to Buick and Cadillac at the top. But GM’s product lineup, having been assembled through acquisition, was a shambles. There was lots of overlap between brands in the middle of the range, while the lowest-price car was too expensive (the che