Entrevista com Charles Koch, CEO da Koch Industries a maior companhia privada da America.
The american: "Charles, why have you never gone public?"
"It is very difficult to do what we do as a public company. By being private, we can focus almost solely on maximizing long-term value and applying our philosophy of principled entrepreneurship.
A public company has to cope with the extreme focus of the analysts and the equities market on quarterly earnings. Somebody misses quarterly earnings projections by a penny, and their stock goes down 10 percent.
Another concern of a public company is to have a high price-to-earnings ratio. This causes all sorts of weird behavior. For example, you cannot be in certain businesses that are considered cyclical or out of favor with Wall Street. You have to handle your business in just the right way with steadily increasing quarterly earnings. Also, the public wants vision that can be grasped in sound bites, and not all companies work that way".
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Estava conversando com minha esposa hoje exatamente sobre essa diferença. Particularmente, eu não gosto de trabalhar numa empresa de capital aberto que atua numa faixa de mercado onde os ganhos são altos mas relativamente constantes. Os acionistas ficam nervosos e os executivos começam a fazer besteira :-).
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