<p>Please read important disclosures at <a href= "http://www.ensemblecapital.com/holdings">www.ensemblecapital.com/holdings</a>. Milton Friedman's concept of shareholder primacy is outdated. While the goal of shareholders is to earn profits, these profits are the outcome of successfully creating stakeholder value on behalf of customers, employees, suppliers and society at a large.</p>

Please read important disclosures at www.ensemblecapital.com/holdings. Milton Friedman's concept of shareholder primacy is outdated. While the goal of shareholders is to earn profits, these profits are the outcome of successfully creating stakeholder value on behalf of customers, employees, suppliers and society at a large.

<p>Please read important disclosures at <a href="http://www.ensemblecapital.com/holdings" rel="noopener noreferrer">www.ensemblecapital.com/holdings</a>. Milton Friedman's concept of shareholder primacy is outdated. While the goal of shareholders is to earn profits, these profits are the outcome of successfully creating stakeholder value on behalf of customers, employees, suppliers and society at a large.</p>

Understanding Stakeholder Value

Intrinsic Investing is a publication of Ensemble Capital Management, LLC. Ensemble Capital is a registered investment advisor located in San Francisco, CA. Since 1997, Ensemble Capital has been building focused portfolios to help clients preserve their success and enhance their future. The firm currently manages money on behalf of private clients, charitable institutions, and a publicly-traded mutual fund.

Our goal for Intrinsic Investing is for it to be one of the ways that we communicate our thinking to clients and the general public. We believe that investing is an iterative process and we know of no better way to test our own thinking than to share it with others. We encourage readers to send us their thoughts about our posts or investing in general. You can find our contact information, a post defining "intrinsic investing" and the concept of "intrinsic value", and a post explaining the motivation for content at https://intrinsicinvesting.com/

Please read important disclosures at www.ensemblecapital.com/holdings.

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Intrinsic Investing is a publication of Ensemble Capital Management, LLC. Ensemble Capital is a registered investment advisor located in San Francisco, CA. Since 1997, Ensemble Capital has been building focused portfolios to help clients preserve their success and enhance their future. The firm currently manages money on behalf of private clients, charitable institutions, and a publicly-traded mutual fund. Our goal for Intrinsic Investing is for it to be one of the ways that we communicate our thinking to clients and the general public. We believe that investing is an iterative process and we know of no better way to test our own thinking than to share it with others. We encourage readers to send us their thoughts about our posts or investing in general. You can find our contact information, a post defining "intrinsic investing" and the concept of "intrinsic value", and a post explaining the motivation for content at https://intrinsicinvesting.com/ Please read important disclosures at www.ensemblecapital.com/holdings.

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Understanding Stakeholder Value

Understanding Stakeholder Value