Perspectives

Active Noise Cancellation

Fourth Quarter 2020

More than a decade ago, as part of our research process, a couple of us flew to Washington D.C. and met with the CEO and CFO of a company we were evaluating. Even before the visit, we knew that the company provided a lot of information about how the business was performing, more details than the average company shared at the time. In fact, we believed the volume and frequency of data they disclosed was causing some analysts who followed the company to focus on short-term results. We asked them why they chose to give so much insight or “visibility” into the business. The CEO smiled and answered, “Well, the flip side of visibility is visibility, isn’t it?”

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