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Dear y'all,

Stumbled across an interesting article on Tyco under former CEO Dennis Kozlowski:

http://www.time.com/time/business/article/0,8599,260699,00.html

It seems that Mr. Kozlowski was rather quite thrifty in his management. His central offices for the multibillion-dollar conglomerate only had around 150 staff, and he was big into cost cutting and decentralization. As we all know though, it wasn't enough.

Is the only reason that Berkshire fares better that Mr. Buffett only rarely overpays for acquisitions, while Mr. Kozlowski may have done so often? Or did Mr. Kozlowski slash too much and cut bone as well as fat? Or is Mr. Kozlowski a poor judge of character? Or did Mr. Kozlowski simply buy too much too fast?

Best,

Lleweilun Smith
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