My View Is There's No

If You Look At Academic Studies, You Can See That Stock Prices Are Most Closely Correlated With Cash Flow. It's Such A Straightforward Number. Cash Flow Is What Will Drive Shareholder Returns.

When You Receive Criticism From Well-meaning People, It Pays To Ask, ‘are They Right?’ And If They Are, You Need To Adapt What They’re Doing. If They’re Not Right, If You Really Have Conviction That They’re Not Right, You Need To Have That Long-term Willingness To Be Misunderstood. It’s A Key Part Of Invention.

The Balance Of Power Is Shifting Toward Consumers And Away From Companies The Right Way To Respond To This If You Are A Company Is To Put The Vast Majority Of Your Energy, Attention And Dollars Into Building A Great Product Or Service And Put A Smaller Amount Into Shouting About It, Marketing It.

What's Dangerous Is Not To Evolve.

I'm Not Saying That Advertising Is Going Away. But The Balance Is Shifting. If Today The Successful Recipe Is To Put 70 Percent Of Your Energy Into Shouting About Your Service And 30 Percent Into Making It Great, Over The Next 20 Years I Think That's Going To Invert.