Shareholder activists will usually argue how companies stupidly waste money on consultants. It's just that there aren't a lot of them. In the past, Buffett has

Shareholder activists will usually argue how companies stupidly waste money on consultants. It's just that there aren't a lot of them. In the past, Buffett has criticized consultants. 1995 Letter: Concluding this little dissertation on acquisitions, I can't resist repeating a tale told me last year by a corporate executive. The business he grew up in was a fine one, with a long-time record of leadership in its industry. Its main product, however, was distressingly glamorless. So several decades ago, the company hired a management consultant who - naturally - advised diversification, the then-current fad. ("Focus" was not yet in style.) Before long, the company acquired a number of businesses, each after the consulting firm had gone through a long - and expensive - acquisition study. And the outcome? Said the executive sadly, "When we started, we were getting 100% of our earnings from the original business. After ten years, we were getting 150%." “I would rather throw a viper down my shirtfront than hire a compensation consultant.” -Charles Munger