Friday, September 11, 2015

Phil Fisher on the delegation of authority

From Common Stocks and Uncommon Profits:
If from the very top on down, each level of executives is not given real authority to carry out assigned duties in as ingenious and efficient a manner as each individual's ability will permit, good executive material becomes much like healthy young animals so caged in that they cannot exercise. They do not develop their faculties because they just do not have enough opportunity to use them.