Agreed. In any company, in any industry - it’s management’s responsibility to maximize shareholder value. And that’s the way it should be. Every company has a certain product or service – – the translation of that product or service into enhanced value and wealth creation to shareholders is the responsibility of management.

If you follow the truly great managers at great companies, they will never, ever point the finger at outside forces as reasons for failures at any particular time. To the contrary, they will always claim responsibility (sometimes they will go overboard talking through their mistakes) because that is what responsible, great managers do.