This might not be a great comparison, however, when Japan was ascendant some of that might was attributed to their “long-view”. Companies on the nikkei were government backed and didn’t have the same quarterly results demands seen in other exchanges... and that was proven right to about the mid-90s. Then it was revealed that those companies on occasion invested in areas they had no expertise or had poor returns. Not that the current system of chasing quarterly results is good, but how is the Japanese experience avoided?
As with everything, there is a delicate balance to be maintained. Toyota is an interesting example from the Japanese context. Luckily (?) things are today so out of whack that I don't think we have to worry about overcorrecting - for now.
