this post was submitted on 27 Oct 2023
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It's the cargo-cult interpretation of Dodge v. Ford Motor Co.
Meaning what?
The ruling of that Supreme Court case was that publicly-traded companies are obligated to act in the interests of their shareholders, rather than employees or customers. Cargo cultist MBA-types -- those who have superficial knowledge, but lack actual understanding -- think that means companies must be purely sociopathic and slavishly work to increase quarter-to-quarter stock returns at all costs, but that's not actually true because management is still allowed to take things like long-term stability and customer goodwill into account.