Moral responsibility

Without breaking any laws, the number of ways in which those in control can benefit themselves and their families at the expense of the ordinary shareholder is almost infinite. […] There is only one real protection against abuses like these. This is to confine investments to companies the managements of which have a highly developed sense of trusteeship and moral responsibility to their stockholders.

Philip A. Fisher – American Growth investor and mentor of Warren Buffett (1907-2004), from “Common Stocks and Uncommon Profits” (1957), Quotations book 2024