Stop Focusing on Profitability and Go for Growth
Harvard Business Review
MAY 1, 2017
So, in real terms, debt financing is essentially free. And the average long-term ROE is more than 25%, reflecting improved efficiency combined with greater reliance on financial leverage at most companies. 3M, for example, has long allowed engineers to devote 15% of their time to skunkworks projects, without supervisor approval.)
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