"**Executive performance should be measured by profitability, after profits are reduced by a charge for the capital employed in the relevant business or earnings retained by it.**" ([Location 288](https://readwise.io/to_kindle?action=open&asin=B01J2SLA5O&location=288)) *** **Tags** — [[quotes]], **See Also** -- [[Warren Buffett]], [[Charlie Munger]] **Source** — [[202308141129 — B — The Essays of Warren Buffett]]