Quote of the Day

“What we’ve done is disproportionately prop up poor-performing CEOs and boards, and you have to wash these people out … Now we have a whole bunch of companies who, you know, frittered away tens and hundreds of billions of dollars on buybacks when they should have been saving it for a rainy day, investing it in R&D, or doing something that was much more important than what they did. There needs to be consequences for those actions.”—Social Capital CEO Chamath Palihapitiya, on CNBC.