Executives who do not own their companies must heed that warning. Managers who deliver shareholder returns are safe. Those who fail, like Tweedy, Browne says Conrad Black did, are vulnerable.

• 管理者如果没有控股所在企业，就得听一听这警告。要是他们能够实现股东回报，他们万事大吉。要是不行，那可就危险了。特崔第布朗之言和康拉德?莱克之行就是前车之鉴。