Hello Ashok,

Thank you for highlighting some of the difficult language in the interview. In general, I believe that Mr. Krishnan is simply saying that a values orientation drives long-term value creation for businesses and their stakeholders. I also believe - based on our sidebar conversations - that he is exactly highlighting the fact that for most businesses strategy is something that they 'have' to do, rather than something that is taken particularly seriously.

Comparing a business to a person may be instructive...I believe most of us know those who approach their lives with goals not in alignment with their actual passions. So, for example, you may encounter a young college graduate that wants to work in finance, not to be the best finance professional for his/her clients, but to maximize their personal wealth. Sad to say, in my experience, this person usually exits the business because their actions were out of accord with their passions; passions driven by their personal values. In my own career, I love the ideal of the detective, the Sherlock Holmes ideal, if you will. That was what I found interesting about investment management: "solving the crime." Or, more germane to the conversation, seeing the world better than the other detectives so the story that connected disparate facts was more accurate.

Scale this conversation up from the individual to the business and I believe Mr. Krishnan is saying the same thing: strategy should not be soft-porn. Instead, it should be something of meaning, something worth fighting for, and something that drives long-term value.

I hope this helps to clarify what his intentions were in the interview.

Yours, in service,

Jason