In current discussions about the reasons for our weak economic recovery, a number of propositions have achieved the hallowed status of articles of faith among public company managements, many notable observers of our economy, the financial press, the political classes and great swathes of the public. Three of the most cherished are that short-termism is bad, long-termism is good and activist investors are responsible for much of the short-termism afflicting corporate America. These alleged truisms are based on a series of critical fallacies.
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