ON REVITALIZING A COMPANY: "Picasso says that creativity is a series of destructions. You really don't create anything until you knock something else out of the way. You have to tear down homes before you put in a freeway. But in professional management, and in the investment process, you recognize that you should tear down only so much before it is time to build anew, for excessive tearing down takes the destructive process beyond the realm of creativity. Something destructive goes in before the constructive comes out. The question is, how much destruction...
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