84. 아웃사이더 "The Outsiders" by William N. Thorndike

"The Outsiders" is a book that profiles eight successful CEOs who were considered "outsiders" in their industries. The book challenges the traditional notion of what makes a successful CEO and instead suggests that a focus on capital allocation, or the strategic deployment of company resources, is the key driver of long-term success.

Thorndike argues that these CEOs all shared a similar trait: they were exceptional capital allocators. They made decisions that were unpopular at the time but ultimately resulted in significant growth and profitability for their companies. The book argues that this ability to make tough decisions, think long-term, and take calculated risks is what separates successful CEOs from their less successful peers.

One of the key takeaways from the book is the importance of thinking independently and critically. The CEOs profiled in the book were not afraid to go against conventional wisdom and take bold actions that were unpopular with the market or their peers. They were able to see opportunities where others didn't and were willing to take risks to capitalize on them.

Another important lesson from the book is the importance of focusing on the fundamentals. Rather than getting caught up in the latest management fads or trends, the successful CEOs in "The Outsiders" focused on the basics of their businesses: generating cash flow, allocating capital effectively, and driving long-term value creation.

Overall, "The Outsiders" is a valuable read for anyone interested in business strategy and leadership. It provides a fresh perspective on what makes a successful CEO and challenges the traditional notions of leadership that are often portrayed in popular media. The book is a reminder that sometimes the best decisions are the ones that are the hardest to make, and that true success in business comes from a relentless focus on the fundamentals

 

Chapter 1: The Story and Significance of Capital Allocation The chapter discusses how the allocation of capital is crucial for business success, and how exceptional CEOs focus on capital allocation as a key driver of their success.

Chapter 2: CEO Capital Allocators The chapter looks at eight CEOs who were exceptional capital allocators, including Warren Buffett and John Malone, and explores their capital allocation strategies.

Chapter 3: Teledyne: Henry Singleton’s Conglomerate The chapter examines the story of Teledyne, a conglomerate led by CEO Henry Singleton, who was a master of capital allocation and drove the company’s growth through strategic acquisitions.

Chapter 4: Capital Allocation at General Dynamics The chapter explores how CEO William Anders transformed General Dynamics from a struggling defense contractor into a thriving business by focusing on capital allocation and divesting underperforming assets.

Chapter 5: Berkshire Hathaway: Warren Buffett’s Conglomerate The chapter examines Berkshire Hathaway, Warren Buffett’s holding company, and how Buffett has used capital allocation to grow the company into one of the most successful in history.

Chapter 6: Capital Allocation at Capital Cities/ABC The chapter looks at the story of Capital Cities/ABC and how CEO Tom Murphy used strategic capital allocation to build a media empire.

Chapter 7: TCI: John Malone’s Master Class in Capital Allocation The chapter examines John Malone and his company TCI, and how he used capital allocation to build the largest cable company in the world.

Chapter 8: Conclusion The final chapter summarizes the key lessons from the book and emphasizes the importance of capital allocation for business success.

 

"아웃사이더"는 그들의 산업에서 "외부인"으로 여겨진 여덟 명의 성공적인 CEO를 소개하는 책이다. 이 책은 성공적인 CEO를 만드는 것에 대한 전통적인 개념에 도전하고 대신 자본 배분 또는 회사 자원의 전략적 배치에 초점을 맞추는 것이 장기적인 성공의 핵심 원동력임을 시사한다.

손다이크는 이 CEO들이 모두 비슷한 특성을 공유했다고 주장한다: 그들은 뛰어난 자본 할당자였다. 그들은 당시 인기가 없었던 결정을 내렸지만 궁극적으로 회사에 상당한 성장과 수익성을 가져왔다. 이 책은 어려운 결정을 내리고, 장기적으로 생각하고, 계산된 위험을 감수하는 능력이 성공적인 CEO와 덜 성공적인 동료들을 구분하는 것이라고 주장한다.

이 책의 핵심 교훈 중 하나는 독립적이고 비판적으로 생각하는 것의 중요성이다. 그 책에 소개된 CEO들은 전통적인 지혜에 어긋나고 시장이나 동료들에게 인기가 없는 대담한 행동을 취하는 것을 두려워하지 않았다. 그들은 다른 사람들이 기회를 볼 수 없었고 그것들을 활용하기 위해 기꺼이 위험을 감수할 의향이 있었다.

그 책의 또 다른 중요한 교훈은 기본에 집중하는 것의 중요성이다. 최신 경영 유행이나 트렌드에 휘말리는 대신, "The Outsiders"의 성공적인 CEO들은 그들의 사업의 기초에 초점을 맞추었다: 현금 흐름 창출, 자본의 효과적인 배분, 장기적인 가치 창출 추진.

전반적으로, "The Outsiders"는 비즈니스 전략과 리더십에 관심이 있는 모든 사람에게 귀중한 책이다. 그것은 성공적인 CEO를 만드는 것에 대한 새로운 관점을 제공하고 대중 매체에서 종종 묘사되는 전통적인 리더십 개념에 도전한다. 이 책은 때때로 최고의 결정은 가장 어려운 결정이며, 사업에서의 진정한 성공은 기본에 대한 끊임없는 집중에서 비롯된다는 것을 상기시켜준다.

제1장: 자본 배분의 이야기와 중요성 이 장에서는 자본 배분이 비즈니스 성공에 어떻게 중요한지, 그리고 뛰어난 CEO들이 성공의 핵심 동인으로서 자본 배분에 어떻게 집중하는지에 대해 논의한다.

2장: CEO 자본 할당자 이 장은 워렌 버핏과 존 말론을 포함한 뛰어난 자본 할당자였던 8명의 CEO를 살펴보고 그들의 자본 할당 전략을 탐구한다.

3장: 텔레딘: 헨리 싱글턴의 대기업 이 장은 자본 배분의 대가였으며 전략적 인수를 통해 회사의 성장을 주도한 CEO 헨리 싱글턴이 이끄는 대기업 텔레딘의 이야기를 검토한다.

제4장: 제너럴 다이내믹스의 자본 할당 이 장은 CEO 윌리엄 앤더스가 어떻게 제너럴 다이내믹스를 고군분투하는 방위 계약자에서 자본 배분에 초점을 맞추고 실적이 저조한 자산을 매각함으로써 번창하는 사업으로 변화시켰는지 탐구한다.

5장: 버크셔 해서웨이: 워렌 버핏의 대기업 이 장은 워렌 버핏의 지주 회사인 버크셔 해서웨이와 버핏이 어떻게 자본 배분을 사용하여 회사를 역사상 가장 성공적인 회사 중 하나로 성장시켰는지 살펴본다.

6장: 수도/ABC의 자본 할당 이 장은 수도/ABC의 이야기와 CEO 톰 머피가 미디어 제국을 건설하기 위해 전략적 자본 할당을 어떻게 사용했는지 살펴본다.

7장: TCI: 존 말론의 자본 할당 마스터 클래스 이 장은 존 말론과 그의 회사 TCI, 그리고 그가 세계에서 가장 큰 케이블 회사를 설립하기 위해 자본 할당을 어떻게 사용했는지를 검토한다.

8장: 결론 마지막 장은 책의 주요 교훈을 요약하고 사업 성공을 위한 자본 배분의 중요성을 강조한다.