The only reason FMCG is an exception was after 3G. The sector used to be a totally bloated mess, then 3G acquired Heinz, fired whole teams of people, and it mad

The only reason FMCG is an exception was after 3G. The sector used to be a totally bloated mess, then 3G acquired Heinz, fired whole teams of people, and it made no difference to results at all (obv, it all went a bit wrong after but I don't think anyone believes that was due to cost). After that, almost every FMCG started looking at costs (ofc, it also helped that revenue stopped growing). Carl Icahn story about cutting costs: https://www.youtube.com/watch?v=WSatPoD2W-o https://www.youtube.com/watch?v=WSatPoD2W-o - fired a building full of people, never heard about it again. Most companies are run as bureaucracies, dual share classes haven't helped. There is no difference between your average Google employee and a civil servant. Unfortunately, this is a pretty raw deal for shareholders. You cash out insiders, the bureaucrats move in, the amount of cost extends to the revenue base, eventually revenue slows down (bureaucrats don't tend to be good stewards of capital), the rats all leave the ship, you find out the cost base could have been 50% smaller all along, and you are left with a stock on its way to bankruptcy.