November 4th, 2003

Mr. Twister

(no subject)

This point is well taken, but some firms are more successful than others at creating and maintaining productive groups of talented individuals. Often employees can create more firm value by working together than they can by working separately, and other firms may not be able to create the same creative environment. The ability of the United States to draw talent from the rest of the world may create shareholder value in excess of the cost of hiring these workers.19
19Of course, one can reply that for every firm that creates a more productive environment, there is one that creates an unsuccessful one and ends up overpaying and wasting intellectual resources.

Jeremy J. Siegel. "Stocks for the Long Run". McGraw-Hill Publishing, New York, NY.