A Perpetual Motion Machine for Returns
Tom Murphy and Capital Cities Broadcasting
Tom Murphy and Dan Burke were probably the greatest two-person combination in management that the world has ever seen or maybe ever will see.
—Warren Buffett
In speaking with business school classes, Warren Buffett often compares the rivalry between Tom Murphy’s company, Capital Cities Broadcasting, and CBS to a trans-Atlantic race between a rowboat and the QE2, to illustrate the tremendous effect management can have on long-term returns.
When Murphy became the CEO of Capital Cities in 1966, CBS, run by the legendary Bill Paley, was the dominant media business in the country, with TV and radio stations in the country’s largest markets, the top-rated ...
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