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The Unconventional CEO of Henry Singleton
As outsider CEOs were more like foxes, they typically entered their respective industries from the outside. Coming from the outside end helped prevent them from falling for what Buffett called the institutional imperative. Henry Singleton was adamant about dividends being tax inefficient because the company is taxed on their income and then shareholders would be taxed again on those dividends. He would adapt his capital allocation practices as the market conditions changed. His approach differed significantly from most other companies,. thus he achieved returns that were much different as well.