Most companies are saddled with institutional constraints. A company's history, for example, may commit it to an industry that now offers limited opp… - Warren Buffett

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Most companies are saddled with institutional constraints. A company's history, for example, may commit it to an industry that now offers limited opportunity. A more common problem is a shareholder constituency that pressures its manager to dance to Wall Street's tune. Many CEOs resist, but others give in and adopt operating and capital-allocation policies far different from those they would choose if left to themselves.