By Barry Schwartz, Kenneth Sharpe
A reasoned and pressing name to include and shield the basic human caliber that has been drummed out of our lives: wisdom.
In their provocative new publication, Barry Schwartz and Kenneth Sharpe discover the insights necessary to prime fulfilling lives. Encouraging participants to target their very own own intelligence and integrity instead of easily navigating the foundations and incentives validated through others, sensible knowledge outlines the way to establish and domesticate our personal innate knowledge in our day-by-day lives.
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Extra info for Practical Wisdom: The Right Way to Do the Right Thing
The cost of capital is a central concept of financial theory, derived from how the financial markets work. Whether a business is funded in the financial markets or not, those markets determine its cost of capital. I may invest my own inherited capital in my business. However, whether that investment makes sense for me depends on the opportunity cost of that capital – on 24 Objectives: what is business strategy for? what returns I might obtain from the best alternative investment open to me. That opportunity cost is what my business must beat.
The debt would sell for less in the market if interest rates had risen since the debt was first incurred. Whenever the debt is marketable, and the debtor company can reduce its burden by market or hedging action, Rappaport is clearly correct in valuing debt at market. However, much debt, especially bank loans and trade debt, is not marketable, and even when it is marketable, loan covenants may entitle the creditor to enforce payment of 37 Creating Value 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.
Conclusion This chapter has stressed the financial raison d’ˆetre and survival condition of the business. It has gone on to define financial value as the fundamental corporate objective. Financial performance must be the ultimate yardstick of business strategy. ‘Stakeholder’ objections to the primacy of financial performance affect the moral duties of managers, not those of the business. The principal means to improved financial performance is success in competitive commercial markets. That success today depends on strategies adopted some time ago.