Welcome to the age of "shareholder equity".
Is there anything wrong with that? No.
Should it be positioned at the top of the "pyramid" as it is now? No.
During the most interesting period of growth in America, the order of importance was quite different. It went something like this:
This has all changed with the Shareholder/The "Street" at the top of the heap. Quarterly results mean everything regardless of the long term effect on all the other pillars of this equation.
Look where that's getting us ...........
Interesting times indeed.
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