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Sloan beat Wall Street for 28 years
Earnings are an opinion. Cash is a fact. In a market that moves trillions every quarter on one number, almost nobody asks whether the number is real. In 1957, an economist named Joseph Berliner published a book about Soviet factory managers. He’d spent the previous decade interviewing emigrants who had run plants under the central planning system. What he found was a system addicted to a single number. Factories were graded on output (tons of steel, square meters of glass, units of...